The Central Board of Direct Taxes (CBDT) on Saturday announced an extension in the deadline for income tax filing for corporates for the Assessment Year 2024-25. The authority said that the last date for submitting income tax returns by corporates for the year has been extended by 15 days till November 15, 2024.
The CBDT issued a circular on October 26, 2024, announcing the new deadline just four days before the original deadline of October 31, 2024, reported Livemint. The circular noted, “The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax. Act,1961 (‘the Act’), extends the due date of furnishing of Return of Income under sub-section ( 1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section ( 1) of section 13 9 of the Act, which is 31 October, 2024 to 15th November, 2024.”
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA
— Income Tax India (@IncomeTaxIndia) October 26, 2024
The announcement was shared by the Income Tax Department on social media. However, this deadline extension doesn’t apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other tax forms such as Form 10DA for which the original deadline will be followed, i.e., October 31.
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This deadline extension is expected to help corporations get some extra time and complete their returns in a timely manner. The report noted that this extension might have been given due to the festival of Diwali around the corner.
However, it should be noted that failing to submit an ITR by the due date could invite a penalty worth Rs 10,000 along with other penalties as per the Income Tax Rules.
