The Central Board of Direct Taxes (CBDT) extended the deadline for Income Tax Return (ITR) filing to November 15, 2024. This extension applies to taxpayers who require an income tax audit, offering more time to file without the rush of the festive season.
The extension specifically applies to taxpayers under Section 139(1) of the Income-tax Act, including corporations, firms, and those subject to various audits. These taxpayers must submit a tax audit report before filing their ITR.
Transfer pricing taxpayers with international or specific domestic transactions have different requirements. They must file the transfer pricing audit report by October 31, 2024, while their ITR deadline is November 30, 2024.
Missing the November 15 deadline may result in penalties under Sections 234F, 234A, and 234B. Penalties range from ₹1,000 to ₹5,000, depending on income, and interest charges may apply.
This extension provides flexibility for corporate and individual taxpayers, allowing them to focus on compliance during the festive season. However, further extensions are unlikely, as the government aims to maintain compliance timelines.
Tax professionals note the importance of filing on time to avoid financial consequences and potential regulatory penalties. Timely compliance ensures taxpayers avoid losing the ability to carry forward losses from the 2023-24 assessment year.
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