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The Central Board of Direct Taxes (CBDT) has announced the extension of the due date for filing Income Tax Returns (ITR) for the assessment year 2024-25, the Ministry of Finance said in an official release on Saturday.
According to the new CBDT notification issued under section 119 of the Income-tax Act, 1961, the new date for filing Income Tax Returns by corporates is November 15, 2024, which was earlier set for October 31. The new decision applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Act. This clause refers to specific categories of taxpayers who are required to submit audit reports for the assessment year. This move comes after CBDT decided to extend the date for the filing of audit reports. The deadline for filing these reports was pushed from September 30 to October 7, this year. According to the circular, the decision to extend the date for the audit reports comes after the CBDT considered the challenges faced by taxpayers and other stakeholders in submitting the required reports electronically. Many individuals and organisations were encountering difficulties in meeting the original deadline for filing audit reports under the provisions of the Income Tax Act,1961. The extension provides additional time for these taxpayers to complete their electronic filings, ensuring they can comply with the rules without facing unnecessary pressure or penalties. The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance. On one hand, CBDT provides essential inputs for policy and planning of direct taxes in India, at the same time it is also responsible for administration of direct tax laws through the Income Tax Department. In a recent move, CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act), as was announced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman. The goal 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 invites public inputs and suggestions in four categories -- simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions. (ANI)
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