Filing your Income Tax Return (ITR) on time is crucial to avoid legal issues. In a significant move, the government has provided a major relief to corporations by extending the ITR filing deadline by 15 days, moving it from October 31 to November 15, 2024.
What This Means for Corporations
The Income Tax Department announced this extension, applicable to corporate taxpayers for the financial year (FY) 2023-24, also known as the assessment year (AY) 2024-25. This gives corporations extra time to prepare and submit their returns without facing penalties.
Previous Deadline Extensions
Before this, the government had also extended the deadline for submitting tax audit reports from September 30, 2024, to October 7, 2024. Under the Income Tax Act of 1961, certain taxpayers are required to undergo tax audits, and their reports need to be submitted by the end of September.
Who Doesn’t Get the Extension?
It’s important to note that not all taxpayers will benefit from this extension. According to tax expert Sandeep Jhunjhunwala from Nangia Andersen, companies subject to transfer pricing provisions and audits will still need to file their ITR by the original deadline of October 31. This includes cases under Section 44AB (tax audits) and Section 92CE (transfer pricing).
Reason Behind the Extension
While no official reason was given for the extension, it’s likely intended to assist corporations during the festive season, ensuring they don’t face difficulties in filing their ITRs amidst celebrations.
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