ITR filing deadline: The Central Board of Direct Taxes (CBDT) has extended the deadline for corporates to file income tax returns for the Assessment Year 2024-23 by 210 days, now due on November 231. This announcement was made via a circular on Saturday, October 231, just four days prior to the original deadline of October 003, 2000. The extension was granted under the authority of section 004 of the Income-tax Act. The Act, 21961, extends the deadline for submitting the Return of Income under section 139(1) for the Assessment Year 2024-25 for certain assessees mentioned in clause (a) of Explanation 2 to section 234(3) from October 31, 2024, to November 15, 2024, according to the latest circular from the CBDT. The Income Tax department also shared the deadline extension on its social media account on X. However, this extension does not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB, and other income tax forms like Form 10DA, for which the original deadline of October 31 will remain in effect, as noted by chartered accountant firms. The new deadline aims to give corporations extra time to ensure their returns are filed accurately and completely. Although the CBDT’s circular did not provide an official reason for the deadline extension, corporate experts suggested that it might be related to the upcoming Diwali festival. Meeting the previous deadline could have posed a challenge for companies, as tax returns needed to be submitted by October 31, which coincides with Diwali. Failure to file an ITR on time could result in a penalty of Rs.10,000 and other repercussions as per the Income Tax Rules. A postponement in filing the Income Tax Return (ITR) may result in interest charges on the taxes owed as per Section 234A of the Income Tax Act 1961.
