ITR filing deadline extended to November 15, 2024 for these taxpayers
The Income Tax Department has extended the deadline to file income tax return (ITR) for FY 2023-24 (AY 2024-25) from October 31, 2024, to November 15, 2024, in select cases. This extension applies only to specific taxpayers who are liable to submit a tax audit report by September 30, 2024, and file an ITR by October 31, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} “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 3 1'1 October 2024 to 15th November, 2024,” said the Ministry of Finance via Central Board of Direct Taxes in a circular dated October 26, 2024.
For which taxpayers has the ITR filing deadline extended?
According to Chartered Accountant Deepak Chopra, chairman of the Direct Tax Committee at Karnataka State Chartered Accountants Association (KSCAA), you should note that the ITR filing deadline is extended for taxpayers covered under clause (a) of Explanation 2 to sub-section (1) of section 139.Chopra explains below for whom the ITR filing deadline is extended and for whom it is not.
For whom the ITR filing deadline is now extended:
Artificial Intelligence(AI)
Generative AI for Dynamic Java Web Applications with ChatGPT
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
ChatGPT Mastery from Zero to Hero: The Complete AI Course
By - Metla Sudha Sekhar, IT Specialist and Developer
Data Science
MySQL for Beginners: Learn Data Science and Analytics Skills
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Digital marketing - Wordpress Website Development
By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert
Office Productivity
Advanced Excel Course - Financial Calculations & Excel Made Easy
By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant
Astrology
Vastu Shastra Course
By - Sachenkumar Rai, Vastu Shashtri
Marketing
Performance Marketing for eCommerce Brands
By - Zafer Mukeri, Founder- Inara Marketers
Web Development
Intermediate Java Mastery: Method, Collections, and Beyond
By - Metla Sudha Sekhar, IT Specialist and Developer
Data Science
SQL Server Bootcamp 2024: Transform from Beginner to Pro
By - Metla Sudha Sekhar, IT Specialist and Developer
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Basics of Generative AI : Unveiling Tomorrow's Innovations
By - Metla Sudha Sekhar, IT Specialist and Developer
HR
Human Potential and the Future of Employment
By - Lynda Gratton, Prof. at London Business School, Speaker, Author, Global Thought Leader
Office Productivity
Zero to Hero in Microsoft Excel: Complete Excel guide 2024
By - Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Mastering C++ Fundamentals with Generative AI: A Hands-On
By - Metla Sudha Sekhar, IT Specialist and Developer
Web Development
C++ Fundamentals for Absolute Beginners
By - Metla Sudha Sekhar, IT Specialist and Developer
Marketing
Digital Marketing Masterclass by Neil Patel
By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru
Artificial Intelligence(AI)
AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills
By - Metla Sudha Sekhar, IT Specialist and Developer
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By - Metla Sudha Sekhar, IT Specialist and Developer
Web Development
Java 21 Essentials for Beginners: Build Strong Programming Foundations
By - Metla Sudha Sekhar, IT Specialist and Developer
Due date to file ITR for all companiesDue date to file ITR for all assessees (other than companies) who are required to get their books audited i.e. individuals and others who are liable to submit a tax audit report on or before September 30, 2024 (this deadline was extended to October 7, 2024)“Relief of extension is also available for remittance of TDS and other statutory dues which were liable to get disallowed under section 43B. In all these cases where the due date was expiring on October 31, 2024, the date now stands pushed to November 30, 2024, automatically,” says Chopra from KSCAA.
For whom the ITR filing deadline is not extended:
1. The due date for those taxpayers on whom transfer pricing provisions and audit are applicable has not been extended.
“The recent CBDT circular extending the income tax return filing due date to November 15, 2024 from original deadline of October 31, 2024, offers some breathing space for specified taxpayers. This does not imply an extension for tax audit under sections 44AB and transfer pricing audit under section 92CE of the Income-tax Act, 1961. As per the Income-tax Act, these audits (transfer pricing) must be completed by the "specified date" which is further defined to mean one month before the “specified” due date for filing returns under section 139(1) for such taxpayer. Therefore, taxpayers must adhere to the October 31, 2024 deadline for these audits until further specific clarification is issued,” says Gaurav Makhijani, Associate Partner and Head of Tax (North India and Gujarat) at Roedl and Partner India.
“The tax return deadline for corporate assessees, with or without tax audit reporting, is extended to November 15, 2024. Other than this, the due date also stands extended for non-corporate taxpayers like LLPs, firms, and individuals who had filed their tax audit reports in September. The extension was expected given that earlier the tax audit deadline of 30 September was also extended by a week,” says Mumbai-based practising chartered accountant Janhavi Pandit.
"At every stage it feels that the Government helps those taxpayers who are lethargic procrastinators and encourages that culture. Whether it is GST amnesty scheme or unasked ITR extension. Government has time and again given relief when even no demand was made. Usually such notifications come with reasons mentioned in it, which we fail to find in this notification," says Chartered accountant Hardik Kakadiya, President, Chartered Accountants Association, Surat (CAAS).
Why you must remember to submit a tax audit report before filing ITR by November 15, 2024
If you are liable to submit a tax audit report, then remember you also have to file your income tax return. Now since both of these are interlinked with each other, you have to file them sequentially by following the respective deadline. If only you have submitted a tax audit report, then only you can file your income tax return (ITR).“The taxpayer liable for income tax audit has to give the details of the tax audit in his ITR (including the date of furnishing audit report, acknowledgement number of audit report etc.). Unless the tax audit report is submitted, these details cannot be filled in the ITR. Therefore, filing a tax audit should precede filing the ITR of the taxpayer,” says Chartered Accountant Prakash Hegde.
Who needs to file ITR by November 15, 2024, for FY 2023-24?
There are two distinct deadlines to remember- tax audit and ITR. The deadline to submit a tax audit report was originally September 30, 2024, and then later it was extended to October 7, 2024.According to Yogesh Kale, Executive Director, Nangia Andersen India, the following taxpayers are required to file an ITR by November 15, 2024, for FY 2023-24 (AY 2024-25):
Any company (excluding those companies required to undertake transfer pricing compliances), regardless of whether they are liable for a tax audit; orAny person (including individuals, HUFs, partnership firms, or LLPs) who is liable to get a tax audit done or other audit done as per any other law; andA partner of a firm that is liable to get a tax audit or other audit done as per any other law.
What happens if you fail to file ITR by November 15, 2024
According to Hegde, a taxpayer who does not file his ITR within the normal due date (i.e. November 15, 2024) will be liable for certain consequences including:interest for late filing on tax due - under section 234Ainterest for late payment of tax on tax due - under section 234Bfee for default in filing ITR - under section 234F (Rs 1,000 or Rs 5,000 depending on the total taxable income)denial of carry-forward of business loss and capital lossqualify to be a ‘specified person’ if the total TDS & TCS amount is more than Rs 50,000 - in which case, the rate of TDS applicable for payments to be made to them for FY 2025-26 would be twice the usual rate (subject to a minimum rate of 5%)“A taxpayer who has failed to file his ITR within the normal due date can file a belated ITR by 31 December 2024. Beyond that, he can file an Updated ITR until 31 March 2027 if certain conditions are fulfilled. Non-filers risk prosecution by the income tax authorities (besides recovery of tax, interest, fee, penalty etc.) if the tax due is more than Rs 10,000,” says Hegde. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
