ITR Filing Last Date: The Income Tax Department has extended the ITR filing deadline for the financial year 2023-24 (assessment year 2024-25) to 15 November 2024. This extension is applicable only for special taxpayers, who were bound to submit the tax audit report (Income Tax Audit Report Submission Deadline) by 30 September 2024, earlier the time was given to file ITR till 31 October 2024.
For which taxpayers was the deadline extended?
This extension is applicable for taxpayers who fall under clause (a) of section 139(1) and are required to submit a tax audit report. These include:
Individuals and other taxpayers subject to tax audit – those who are required to audit their books, such as LLPs, firms, and partnership firms. Apart from this, remittance of TDS and other statutory dues can be done till November 15, which was earlier ending on October 31, 2024. However, there is no change in the deadline for taxpayers on whom transfer pricing provisions are applicable.
What is the situation regarding transfer pricing and tax audit?
This circular of CBDT will not affect taxpayers under transfer pricing. No additional relaxation has been given so far for the deadline of 31 October 2024 for transfer pricing audit (section 92CE).
Why is it necessary to submit tax audit report before filing ITR?
Taxpayers who are subject to tax audit have to provide complete details of tax audit in ITR such as date of report and acknowledgement number. Without submitting tax audit report, ITR filing is not possible. Therefore, tax audit report has to be filed first, only then ITR filing can be completed.
What will happen if I fail to file ITR by November 15?
- If taxpayers do not file ITR by November 15, 2024, certain penalties may apply to them:
- Interest on late filing: Late filing interest will be levied on tax due under section 234A.
- Interest on late payment: Under Section 234B, interest will be charged on late payment of tax.
- Penalty for default in ITR filing – Charge of ₹1,000 or ₹5,000 under section 234F.
- There will be no carry-forward of business and capital losses – which will impact future profits.
- Qualifies as Specified Person – If TDS & TCS is above Rs 50,000, then TDS rate will be doubled (min. 5%) for them next year.
You can file updated ITR till 31 March 2027
If taxpayers are unable to file ITR even by 31 December 2024, then they can later file updated ITR till 31 March 2027. But there will be some conditions in this, and non-filers with tax dues of more than Rs 10,000 are also at risk of prosecution by the income tax authorities. For taxpayers on whom the rule of tax audit is applicable, the deadline for filing ITR has been extended to 15 November 2024. All taxpayers should file tax audit report on time and submit ITR to avoid penalties and other problems.
