look news india
Corporate ITR filing deadline: The Income Tax Department has extended the deadline for filing income tax returns by corporates for assessment year 2024-25 by 15 days. Now the new deadline has been extended to November 15. The Central Board of Direct Taxes (CBDT) has also issued a circular in this regard. According to this circular, the deadline of October 31 will be extended. The new deadline for assessment year 2024-25 (filing tax returns for FY 2023-24) is now November 15.
what experts say
Nangia Anderson LLP tax partner Sandeep Jhunjhunwala said this extended period for filing tax returns will not be applicable to tax audit reports. Earlier in September, CBDT had extended the last date for filing tax audit report by seven days to October 7.
Increase in return filing
Let us tell you that tax simplification measures have led to an increase in filing of income tax returns. A report by SBI Research said income inequality for those with income up to Rs 5 lakh has reduced by 74.2 per cent, indicating that government initiatives are effectively raising incomes among low-income groups. The report said direct tax contributions have reached a 14-year high. India's progressive tax system has increased direct tax contribution to 56.7 per cent of total tax revenue in assessment year 2024, the highest in 14 years.
Difference in corporate and personal income tax collection
Personal income tax collections have overtaken corporate income tax since FY 2021. The direct tax-GDP ratio is expected to reach 6.64 per cent in FY2024, the highest since 2000-01. Additionally, the cost of tax collection reduced from 0.51 per cent in FY 2023 to 0.44 per cent in FY 2024.