NEW DELHI: The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITR) for Assessment Year (AY) 2024-25. Originally scheduled for October 31, the new deadline is now November 15, 2024, targeting assessees who fall under clause (a) of Explanation 2 to section 139(1) of the Income-tax Act, 1961. This group typically includes corporate entities, audited individuals, and those whose accounts require auditing.
The decision, taken under section 119 of the Act, aims to provide additional compliance time for taxpayers facing last-minute technical or financial delays in their filing process. This comes in response to demands from various industries and tax professionals who were concerned about meeting the original timeline due to ongoing audit procedures and complex documentation requirements. The extension is expected to ease administrative processes and allow for accurate reporting without penalties.
The announcement is part of CBDT’s ongoing efforts to ensure smoother compliance for taxpayers amid changing financial and operational dynamics. This extension provides crucial flexibility for corporations and large entities that often need additional time to fulfill audit requirements before submitting their returns.
For taxpayers, this change offers added time to verify all required documents and optimize tax strategies, aligning with CBDT’s goal of facilitating a more streamlined and accurate reporting process.
– Press Information Bureau, New Delhi
