The Income Tax Department has extended the due date for filing returns by corporates and individuals whose accounts need to be audited to November 15. <\/p>\n
\u201cThe Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of furnishing of Return of Income 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 October 31, 2024, to November 15, 2024,\u201d a social media post of the Income tax Department said. The assessees referred here are individuals and businesses whose accounts require auditing. <\/p>\n
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For individuals, especially salaried class, the due date was July 31. One who has filed the return by the said date, can revise their returns by December 31. For non-filers, penalty to be levied if they want to file the return by December 31. There is no change for such assessees.<\/p>\n
Rajat Mohan, Senior Partner at AMRG & Associates, said that the CBDT\u2019s decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official explanation, seems 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.<\/p>\n
\u201cThis move not only strengthens the trust between taxpayers and the administration but also aligns with a broader objective of creating a supportive and flexible tax compliance environment. For taxpayers, this extension is an opportunity to leverage the additional time for thorough reviews and to avoid potential penalties, contributing to a smoother compliance experience for all,\u201d he said.<\/p>\n
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However, Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, has an advise. \u201cIt is crucial, however, to take a note that this extension would not apply to Tax Audit Report, Transfer pricing certification in Form 3CEB and other income tax forms such as Form 10DA, which would still remain due on October 31, 2024. This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation,\u201d he said.<\/p>\n
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