New Delhi: The Income Tax Department announced on Saturday that the deadline for corporates to file income tax returns has been extended by 15 days to November 15 for the assessment year 2024-25.According to a circular issued by the Central Board of Direct Taxes (CBDT), the new deadline moves from the previous date of October 31.
For the assessment year 2024-25, which pertains to tax returns for the fiscal year 2023-24, the revised due date is now November 15.Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, noted that this extension does not cover the Tax Audit Report, transfer pricing certification in Form 3CEB, and other income tax forms such as Form 10DA, which will still have an October 31, 2024, deadline.Rajat Mohan, Senior Partner at AMRG & Associates, observed that while the CBDT has not provided an official reason for extending the income tax return filing deadline for AY 2024-25, it appears to be in consideration of the forthcoming festive season.“Extending the deadline to November 15, 2024, allows both taxpayers and professionals to focus on accuracy and compliance without the pressure of last-minute filings during the festive period,” said Mohan.Jhunjhunwala added, “This specific extension is intended to ease compliance during a busy time while ensuring the punctual submission of essential audit documents.”Previously, in September, the CBDT had extended the deadline for filing tax audit reports by seven days to October 7.