ITR Filing Last Date: The notification said that this extension applies to taxpayers falling under sub-section (1) of section 139 of the Income Tax Act, 1961.
ITR Filing Last Date: Be it a salaried person or a businessman, there is a last minute rush among people to file Income Tax Return (ITR). This time also the last date for filing income tax return for the salaried class was 31 July. Now the Income Tax Department on Saturday extended the deadline for filing income tax returns by corporates for the assessment year 2024-25 by 15 days. Now corporates will be able to file ITR till November 15. The Central Board of Direct Taxes (CBDT) gave information about this in a notification. Earlier this time limit was kept as 31 October.
The new time limit for assessment year 2024-25 (filing of tax returns for financial year 2023-24) is now November 15. Sandeep Jhunjhunwala, Nangia Andersen LLP Tax Partner, said that this extended period for filing tax returns will not apply to tax audit reports. Earlier in September, the CBDT had extended the last time limit for filing tax audit reports by seven days to October 7.
The notification also stated that this extension applies to taxpayers falling under sub-section (1) of section 139 of the Income Tax Act, 1961. This extension comes after the government extended the time limit for submission of income tax audit reports from the initial deadline of September 30, 2024 to October 7, 2024. The Income Tax Act requires certain taxpayers to conduct income tax audits and submit reports.
By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amid the festive season. This targeted extension seeks to facilitate compliance during peak periods while maintaining timely submission of critical audit documents, Jhunjhunwala said.
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