In a latest development to the taxation, the Central Board of Direct Taxes (CBDT) on Saturday (October 26) announced that it has extended the deadline for corporate taxpayers to file income tax returns for the 2024-25 assessment year.
With this recent decision, it will provide companies an additional 15 days, with the new filing date now scheduled for November 15, 2024.
The original deadline of October 31 was moved forward after CBDT's announcement.
Taking to the social media platform X, formerly Twitter, the Income Tax Department said, "CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25."
"The due date for assesses under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024." added the post.
This change comes as a relief to many companies, especially as it follows a similar extension in September when CBDT pushed the due date for tax audit report submissions from September 30 to October 7, 2024.
The extended timeline primarily benefits companies that require extra time to finalise tax returns accurately.
Filing corporate taxes often involves a meticulous review of accounts, audits, and financial documentation to meet compliance standards.
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Taxation is the fundamental aspect of the country's economic framework.
In that, for corporate segment, taxes are an integral part of their annual obligations, influencing financial planning, budgeting, and overall compliance.
Every year, companies are required to file income tax returns that summarise their earnings, expenditures, and eligible deductions, ensuring they meet their legal obligations and contribute to the nation’s development.
