Income Tax: Companies get extension to file returns, deadline pushed to Nov 7

The Finance Ministry on Wednesday extended the deadline for filing income tax returns for the assessment year 2022-23 by businesses till November 7. The last date for filing ITR by companies who are required to get their accounts audited was October 31.

The Central Board of Direct Taxes (CBDT), the apex decision-making body in matters of income and corporate tax, in a notification said since it had last month extended the deadline for filing audit reports, hence the ITR filing due date too is extended.

"CBDT... extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is October 31, 2022... to November 7, 2022," the CBDT notification said.

Domestic companies are required to file their income tax returns by October 31, 2022, for the Financial Year 2021-2022. The due date to file ITR will be November 30, 2022, for companies which are subject to transfer pricing norms.

AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit said the extension would provide much-needed relief during the festival season vis-a-vis to prevent any future anomalies with tax provisions (w.r.t. maintaining the statutory time gap of 30 days).

Last month, the CBDT extended the deadline for filing audit reports by 7 days till October 7.

"A comparable reprieve is eagerly anticipated for corporate entities, subject to the Transfer Pricing Regulation as well," Rajpurohit said.

Published on: Wednesday, October 26, 2022, 05:07 PM IST