Business: In a significant development, the Central Board of Direct Taxes (CBDT) has extended the deadline for corporates to file income tax returns for the Assessment Year (AY) 2024-25. In a statement. the Ministry of Finance said that corporates can now file the ITR till November 15, 2024. Notably, this deadline has been extedned from the original deadline of October 31, 2024.

The extension of the ITR filing deadline applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961. This deadline extension comes after the government extended the deadline to submit tax audit report to October 7, 2024, from the initial deadline of September 30, 2024.

As per the income tax laws, certain taxpayers need to conduct an income tax audit and submit the report by September 30 of the assessment year.

Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala told news agency PTI this extension would not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB and other income tax forms like Form 10DA, for which the deadline would remain October 31, 2024.

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 explanation, seems aligned with the upcoming festive season.

"By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations," PTI quoted Mohan as saying.

Jhunjhunwala further added that the targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation.