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There is a good news for those filing income tax returns before Diwali. The Central Board of Direct Taxes (CBDT) has extended the last date for filing income tax returns for assessment year 2024-25 for corporates.
Can returns be filed by 15 November 2024?
The Finance Ministry said that corporates now have time till November 15, 2024, the deadline to file income tax returns which was October 31, 2024, has now been extended. So know what will happen from this and what does the rule say about it?
The government said this
The government has said that the decision to extend this date applies to taxpayers covered under sub-section (1) of section 139 of the Income Tax Act, 1961. Notably, after the government extended the deadline for submission of tax audit reports from the initial period of September 30, 2024, to October 7, 2024, the date has been extended again.
What does the rule say?
Let us tell you that under the Income Tax Act, some taxpayers have to undergo income tax audit and submit the report by 30th September of the assessment year. This increase will not be applicable to transfer pricing certification in other income tax forms like tax audit report, Form 3CEB and Form 10DA, which will be due on October 31, 2024.
What will be the benefit?
CBDT has decided to extend the deadline for filing income tax returns for assessment year 2024-25, however, there is no official explanation. Experts believe that this decision of the government will reduce the stress of filing ITR for businessmen amid festive business. However, most of the industrialists were also expecting the same from the government. Because if the government had not extended the deadline, the tension of running the business as well as filing income tax returns would have increased.
