Before Diwali, a good news has emerged for Indian businessmen. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for assessment year (AY) 2024-25 for corporates. The Finance Ministry said that corporates now have time till November 15, 2024, to file income tax returns, extended from the original deadline of October 31, 2024. Let us understand what will be the benefit from this and what does the rule say about it?
The government said this
The government has said that this extension applies to taxpayers covered under sub-section (1) of Section 139 of the Income Tax Act, 1961. Notably, this extension comes after the government extended the deadline for submission of tax audit reports from the initial time period of September 30, 2024, to October 7, 2024.
What does the rule say?
Let us tell you that under the Income Tax Act, some taxpayers have to undergo income tax audit and submit the report by 30th September of the assessment year. Nangia Anderson LLP tax partner Sandeep Jhunjhunwala told the media that this extension will not be applicable to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA, the deadline for which will be October 31, 2024.
This will be beneficial
Rajat Mohan, senior partner, AMRG & Associates, said the decision by the CBDT to extend the deadline for filing income tax returns for AY 2024-25, however, is not accompanied by an official explanation. Experts believe that this decision of the government will reduce the tension of businessmen in filing ITR amid festival business. Businessmen were also expecting the government to do this. Because if the government had not extended the deadline, the tension of filing income tax returns along with running the business would have increased.
