The Coronary heart on Saturday extended the earnings tax return submission deadline for corporates by 15 days till November 15. In a message on social media platform X, the CBDT talked about that the due date of half 139 for assessees has been extended from October 31, 2024 to November. 15, 2024.
“The Central Board of Direct Taxes (CBDT), in prepare of its powers under half 119 of the Proceeds Tax. Act, 1961 (‘the Act’), extends the date of return of earnings under sub-section (1) half 139 of the Act for the analysis 12 months 2024-25. In the case of assessments referred to in clause (a) of Clarification 2 to sub-section (1) of half 139 of the Act, it shall be from 3 1′ 1 October, 2024 to fifteen November, 2024,” the official notification talked about.
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CBDT extends due date for furnishing return of earnings for evaluation yr 2024-25.
✅The due date of the assessee below sub-section (1) of part 139 to clause (a) of Clarification 2 has been extended from October 31, 2024 to November 15, 2024.
✅ Round No. 13/2024 dated… pic.twitter.com/rstiKeYCEA
— Revenue Tax India (@IncomeTaxIndia) October 26, 2024
The extension permits extra time for firms to make sure correct and full filing of their returns.
Revenue Tax Audit Report
Remaining month, the deadline for submission of earnings tax audit report for the financial 12 months 2023-24 (analysis 12 months 2024-25) was extended to October 7, 2024 from the genuine deadline of September 30, 2024. This extension offers taxpayers with additional time to fulfill their compliance obligations.
The Central Board of Direct Taxes (CBDT) launched the extension in an X (beforehand Twitter) publish, “CBDT has decided to boost the due date for submission of various tales of audit for the earlier 12 months 2023-24. From September 30, 2024 to October 7, 2024.” This willpower impacts the assessee referred to in clause (a) of Clarification 2 to sub-section (1) of Half 139 of the Proceeds Tax Act.
ITR Filing Deadline
It is merit noting that the deadline for filing Proceeds Tax Returns (ITR) for extraordinarily salaried and enterprise professionals for the analysis 12 months 2024-25 was initially mounted for July 31. Nonetheless, folks and entities matter to audit requirements have the option to file their ITR. Till October 31, 2024. This deadline has now been extended till November 15, 2024. The Proceeds Tax Division gives these taxpayers an extra 90-day extension to get their accounts audited by a licensed chartered accountant sooner than filing their ITR.
Extension of deadline
Earlier, there have been instances the place the authorities did not choose to boost the ITR filing deadline.
For analysis 12 months 2023-24 (FY 2022-23), no extensions have been granted for firm and specific particular person ITR and tax audit deadlines. Nonetheless, extension was given to trusts on account of modifications in the tax audit kind.
For analysis 12 months 2022-23 (FY 2021-22), on account of technical factors with the e-filing portal, tax audit and ITR deadlines have been extended by 7 days to October 7, 2022 and November 7, 2022 respectively.
All through the analysis 12 months 2021-22 (FY 2020-21), the deadline was extended twice on account of the impression of the COVID-19 pandemic. The tax audit report submission deadline has been extended to January 15, 2022 and the ITR filing deadline has been extended to February 15, 2022.