The Central Board of Direct Taxes (CBDT) has announced an extension for corporates to file their income tax returns for the Assessment Year (AY) 2024-25. The new deadline is set for November 15, 2024, moving it from the original date of October 31, 2024.

According to the Ministry of Finance, this extension applies to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961. This move follows an earlier extension that allowed taxpayers more time to submit their tax audit reports, now due by October 7, 2024, instead of the previous deadline of September 30, 2024.

It is important to note that this extension does not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB, and other forms like Form 10DA, which are still due by October 31, 2024.

Tax Partner Sandeep Jhunjhunwala from Nangia Andersen LLP mentioned that the extension is intended to facilitate compliance during a busy period. Rajat Mohan, Senior Partner at AMRG & Associates, pointed out that while the CBDT did not provide a formal explanation for this decision, it aligns with the upcoming festive season. He emphasized that this extension allows taxpayers and professionals to focus on accuracy and compliance without the pressure of last-minute filings amid celebrations.

Jhunjhunwala added that this targeted extension is aimed at aiding compliance while ensuring that crucial audit documentation is submitted on time.

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