Government extends corporate ITR filing deadline to November 15

Central Board of Direct Taxes (CBDT) has officially extended deline for corporates to file ir income tax returns for Assessment Year (AY) 2024-25. Corporates now have until November 15, 2024, to submit ir returns, an extension from previous deline of October 31, 2024.

This decision follows a prior justment that moved deline for submitting tax audit reports from September 30 to October 7, 2024. CBDT's announcement applies specifically to taxpayers covered under sub-Section (1) of Section 139 of Income-tax Act, 1961, allowing more time for compliance amid ongoing financial planning.

Experts in field have noted that extension does not cover Tax Audit Report or or critical forms, such as transfer pricing certification in Form 3CEB and Form 10DA, which must still be submitted by October 31, 2024. Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, emphasised that this targeted extension aims to facilitate compliance during a busy period while ensuring that critical audit documentation is submitted on time.

Rajat Mohan, Senior Partner at AMRG & Associates, suggested that CBDT's decision aligns with upcoming festive season in India. By extending deline to November 15, taxpayers and professionals can focus on accuracy and compliance without stress of last-minute filings during celebrations. This move is seen as a supportive measure to help corporations navigate ir tax obligations more effectively.

Overall, extension reflects government’s intent to assist businesses during a peak time, ensuring that y can meet ir tax requirements efficiently while also allowing for thoroughness in ir submissions.