The Central Board of Direct Taxes (CBDT) has extended the deadline for corporate taxpayers to file income tax returns for the Assessment Year (AY) 2024-25, by 15 days. Originally set for October 31, the deadline is now November 15, 2024, as announced by the Central Board of Direct Taxes (CBDT) on Saturday.
The extension applies to assesses referred to in clause (a) of Explanation 2 under sub-Section (1) of Section 139 of the Income-tax Act, 1961. Under income tax law, certain taxpayers are required to conduct an income tax audit, with the report traditionally due by September 30 of the assessment year.
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Nangia Andersen LLP’s Tax Partner, Sandeep Jhunjhunwala, clarified to PTI that the recent extension announced by the Central Board of Direct Taxes (CBDT) will not apply to Tax Audit Report, transfer pricing certification in Form 3CEB, and various other income tax forms, including Form 10DA, for which the deadline will still be due by October 31, 2024.
Rajat Mohan, a Senior Partner at AMRG & Associates, commented on the CBDT’s decision to push back the deadline for filing income tax returns for the assessment year 2024-25, saying, the announcement lacked an official rationale.But he assumes that it could be strategically aligned with the upcoming festive season. "By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations," Mohan said. Jhunjhunwala further explained that this targeted extension aims to facilitate compliance during a busy period while still emphasizing the importance of timely submission for critical audit documentation. Notably, earlier in September, the CBDT had extended the due date for filing tax audit reports by 7 days till October 7.
