The Central Board of Direct Taxes (CBDT) on Saturday announced an extension for the due date to file Income Tax Returns (ITR) for the assessment year 2024-25, in an official release by the finance ministry.
As per the new CBDT notification issued under Section 119 of the Income Tax Act, 1961, the revised deadline for corporates to file Income Tax Returns is now November 15, 2024, having been previously set for October 31.
The new decision applies to assesses covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This clause pertains to specific categories of taxpayers obligated to submit audit reports for the assessment year.
This announcement follows CBDT’s decision to extend the date for the filing of audit reports, which was pushed from September 30 to October 7. This decision was made when CBDT considered the challenges faced by taxpayers and other stakeholders in submitting the required reports electronically, as per the circular.
As many individuals and organizations encountered challenges in meeting the original deadline for filing audit reports, the extension offers them additional time to complete electronic filings. This ensures they can comply with the regulations without undue pressure or penalties.
The Central Board of Direct Taxes (CBDT) is part of the Department of Revenue within the Ministry of Finance which plays a crucial role in providing essential inputs for the policy and planning of direct taxes in India. It is also responsible for administering direct tax laws through the Income Tax Department.
The board, a recent initiative, has established an internal committee to conduct a comprehensive review of the Income Tax Act, 1961, as announced by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25.
The goal of this move is to make the Act concise, clear, and easy to understand, which will reduce disputes, and litigation, and provide greater tax certainty to taxpayers.
The committee is seeking public inputs and suggestions in four categories: simplification of language, reduction of litigation, reduction of compliance burdens, and the removal of redundant or obsolete provisions.