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The Central Board of Direct Taxes (CBDT) has announced an extension for the due date of filing Income Tax Returns for the Assessment Year 2024-25, offering relief to corporations struggling with compliance during a busy period. The deadline for filing ITRs has been pushed from October 31st to November 15th. This move is a significant development for taxpayers, particularly for corporates, who now have an additional two weeks to complete their tax filings.
The CBDT's decision to grant an extension reflects its ongoing efforts to improve taxpayer compliance while ensuring that individuals and businesses have adequate time to meet their obligations. This targeted extension is intended to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation. It is important to note that this extension applies only to the filing of Income Tax Returns and does not extend the deadlines for other income tax forms, such as the Tax Audit Report, transfer pricing certification in Form 3CEB, and Form 10DA. These forms remain due on October 31st.
The CBDT has been actively seeking ways to streamline the tax filing process and ensure that taxpayers have sufficient time to comply with their obligations. Earlier in September, the CBDT extended the due date for filing tax audit reports by seven days to October 7th. This latest extension of the ITR filing deadline for corporates is another step in that direction. The CBDT's efforts to provide flexibility and support to taxpayers are commendable, demonstrating a commitment to a more accessible and user-friendly tax system.
Source: CBDT Extends Due Date For Corporates Furnishing ITR For AY 2024-25