CBDT Extends Income Tax Filing Deadline Amid Technical Challenges

The CBDT has extended the deadline for corporate income tax return filing for 2024-25 to November 15, 2024. This decision follows concerns over electronic filing difficulties. An internal review of the Income-tax Act aims to streamline processes, reducing disputes and ensuring tax clarity.

The Central Board of Direct Taxes (CBDT) has declared an extension to the due date for Income Tax Return (ITR) submissions for the 2024-25 assessment year. The new deadline for corporate filings is now set for November 15, 2024, according to Saturday's announcement by the Ministry of Finance.

This decision affects taxpayers obligated to provide audit reports under specific clauses of the Income-tax Act, following a previous extension for audit report submissions from September 30 to October 7. These changes aim to address the difficulties taxpayers faced in meeting electronic submission requirements.

The extension seeks to offer taxpayers more time to comply without undue stress or penalties. Simultaneously, CBDT is conducting a comprehensive review of the Income-tax Act, a move initiated in the Union Budget 2024-25 to enhance clarity, mitigate litigations, and provide more tax certainty.

(With inputs from agencies.)