ITR deadline alert: CBDT extends last day for corporate Income-Tax filing to Nov 15

ITR filing deadline: The Central Board of Direct Taxes (CBDT), extended the due date for filing income tax returns by corporates for Assessment Year 2024-25 by 15 days till November 15.

CBDT announced the deadline extension through a circular on Saturday, October 26, four days before the original deadline of October 31, 2024.

“The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax. Act,1961 ('the Act'), extends the due date of furnishing of Return of Income under sub-section ( 1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section ( 1) of section 13 9 of the Act, which is 31 October, 2024 to 15th November, 2024,” read CBDT's latest circular.

The Income Tax department also posted about the deadline extension on its social media account on X.

The extension, however, 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 previous deadline of October 31, would be followed, stated chartered accountant firms.

'ITR deadline extended for Diwali'

The new deadline is expected to provide corporations with additional time to ensure accurate and complete filing of their returns. While the CBDT's circular did not accompany any official explanation for the deadline extension, corporate experts hinted that it could be due to the upcoming festival of Diwali.

Adhering to the previous deadline could have become a burden for companies, as the returns would have to be filed by October 31, which is the same time around Diwali, said one of the experts.

Not filing an ITR by the due date may invite an Rs.10 000 penalty and other consequences per the Income Tax Rules. A delay in ITR filing can also lead to interest on the tax payable under Section 234A of the Income Tax Act 1961.