ITR application deadline for corporate taxpayers has been extended until 15 November

The Central Board of Direct Taxes (CBDT) has extended the deadline for corporate taxpayers to file income tax returns for Assessment Year (AY) 2024-25. The deadline, originally set for October 31, has now been set for November 15, 2024, the Ministry of Finance announced on Saturday.

The extension is applicable to taxpayers under sub-Section (1) of Section 139 of the Income Tax Act, 1961. This follows the recent extension of the tax audit report submission deadline, moving it from September 30 to October 7, 2024.

Under the income tax law, certain taxpayers are required to conduct an income tax audit and the report will traditionally be submitted by September 30 of the assessment year.

However, Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, told news agency PTI that the extended filing date does not affect the Tax Audit Report, transfer pricing certificate in Form 3CEB or other tax forms such as Form 10DA due by October 31, 2024.

Rajat Mohan, Senior Partner at AMRG & Associates, emphasized that CBDT’s decision to extend the application deadline, although not officially announced, is in line with the upcoming festive season.

“With the deadline being extended to November 15, 2024, taxpayers and professionals alike can prioritize accuracy and compliance without the stress of last-minute filings during the celebrations,” he told PTI.

“This targeted extension aims to facilitate compliance during a busy period while supporting the timely submission of critical audit documents,” Jhunjhunwala added.