The income tax department announced on Saturday that the deadline for corporations to file their income tax returns has been extended by 15 days, moving it to November 15 for the assessment year 2024-25. In a circular, the Central Board of Direct Taxes (CBDT) stated that the new deadline replaces the previous target date of October 31.
The new deadline for filing tax returns for Assessment Year 2024-25 (covering the fiscal year 2023-24) is now November 15. However, Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, noted that this extension does not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB, and other income tax forms like Form 10DA, which will still be due by October 31, 2024.
AMRG and 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.