The Central Board of Direct Taxes (CBDT) has officially announced an extension of the deadline for corporate taxpayers to file their income tax returns for the Assessment Year (AY) 2024-25. Originally scheduled for October 31, 2024, the new deadline is now set for November 15, 2024. This important change was communicated by the Ministry of Finance on Saturday, reflecting the government's ongoing efforts to facilitate taxpayer compliance during a particularly busy time of the year. This extension specifically pertains to taxpayers who fall under sub-Section (1) of Section 139 of the Income-tax Act, 1961.
The decision to extend the filing deadline follows a previous adjustment concerning the submission of tax audit reports, which was recently shifted from the initial deadline of September 30 to a new date of October 7, 2024. Taxpayers who are required to undergo an income tax audit must still adhere to the original timeline, ensuring that their audit reports are submitted by October 31, 2024. This includes the mandatory transfer pricing certification in Form 3CEB, as well as other critical documentation such as Form 10DA.
Tax expert Sandeep Jhunjhunwala, a Tax Partner at Nangia Andersen LLP, emphasized that while the filing deadline has been extended for income tax returns, it does not affect the timelines for the Tax Audit Report or other necessary tax forms, which remain due on October 31, 2024. This distinction is crucial for taxpayers and their advisors to understand as they navigate their compliance obligations.
In addition to this, Rajat Mohan, Senior Partner at AMRG & Associates, highlighted that the CBDT's decision to extend the filing deadline, although not accompanied by an official explanation, seems to align with the onset of the festive season. He noted that this timing allows taxpayers and tax professionals alike to focus on accuracy and compliance without the added stress of last-minute filings amid the celebrations. By extending the deadline to November 15, 2024, the CBDT aims to relieve some of the pressure that taxpayers may feel during this busy period.
Jhunjhunwala further elaborated that this targeted extension seeks to facilitate better compliance during a peak period while ensuring that the timely submission of critical audit documentation is still upheld. This thoughtful adjustment by the CBDT recognizes the challenges that taxpayers often face as they juggle multiple responsibilities, particularly during festive seasons when businesses may also be preoccupied with other activities.
Overall, the extension is expected to provide corporate taxpayers with the necessary breathing room to prepare their income tax returns more thoroughly and accurately, thereby promoting compliance and minimizing errors. This proactive measure by the CBDT is indicative of the government's commitment to supporting taxpayers in fulfilling their obligations, ultimately contributing to a smoother tax filing process during this crucial period.
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