ITR Filing Deadline Alert: The government has extended the deadline for filing ITRs for corporates by 15 days to November 15, the Income Tax Department informed. The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for corporates to file income tax returns for the assessment year (AY) 2024-25. Corporates now have time till November 15, 2024, to file income tax returns, extended from the original deadline of October 31, 2024, the Finance Ministry said.

According to a media release, this extension applies to taxpayers falling under subsection (1) of section 139 of the Income Tax Act, 1961. Notably, this extension comes after the government extended the deadline for submitting tax audit reports from the initial deadline of September 30, 2024, to October 7, 2024. Under the Income Tax Act, certain taxpayers are required to get their income tax audit done and submit the report by September 30 of the assessment year.

Sandeep Jhunjhunwala, tax partner at Nangia Andersen LLP, told PTI that the extension will not apply to other income tax forms such as tax audit reports, transfer pricing certification in Form 3CEB and Form 10DA, the deadline for which will remain October 31, 2024. Jhunjhunwala said the targeted extension is aimed at facilitating compliance during peak periods while maintaining the timely submission of critical audit documents.

AMRG & Associates Senior Partner Rajat Mohan said the CBDT’s decision to extend the deadline for filing income tax returns for AY 2024-25, though not accompanied by an official clarification, seems to be linked with the upcoming festive season.

By extending the deadline to November 15, 2024, both taxpayers and professionals can prioritize accuracy and compliance without the stress of last-minute filing amid the festive season, PTI quoted Mohan as saying.