2 weeks Ago By Pavan Naidu
The income tax department on Saturday extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) said the deadline will be extended from the earlier target date of October 31. The new deadline for Assessment Year 2024-25 (for furnishing tax returns for fiscal 2023-24) is November 15.
Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala said this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024. AMRG & Associates Senior Partner Rajat Mohan said the CBDT's decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, seems aligned with the upcoming festive season. "By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations," Mohan said.
Jhunjhunwala said, "This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation". Earlier in September, the CBDT had extended the due date for filing tax audit reports by 7 days till October 7. (Except for the headline, this story has not been edited by DNA staff and is published from PTI) The DNA app is now available for download on the Google Play Store.
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