Corporates can now file income tax return till November 15
The Central Board of Direct Taxes (CBDT) has announced a 15-day extension for submitting corporate income tax returns. The new deadline is now November 15, instead of the earlier date of October 31. This extension is specifically for the assessment year 2024-25, which relates to tax returns for the fiscal year 2023-24.
Extension does not apply to all tax-related submissions
Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, clarified that this extension doesn't cover all tax-related submissions. The deadline for the Tax Audit Report, transfer pricing certification in Form 3CEB, and other income tax forms such as Form 10DA remain unchanged at October 31. "This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation," Jhunjhunwala explained.
CBDT's decision aligns with festive season
Rajat Mohan, Senior Partner at AMRG & Associates, opined that the CBDT's decision to extend the deadline for filing income tax returns for AY 2024-25, appears to be in sync with the upcoming festive season. "By shifting the deadline to November 15, taxpayers and professionals alike can prioritize accuracy and compliance without the stress of last-minute filings amidst celebrations," Mohan said. CBDT's move is viewed as a relief measure for corporates during this festive season.
