ITR Deadline for FY 2023-24 Extended: Corporate and Audit-Filing Taxpayers Get Extra Time

In a recent update, the Income Tax Department extended the deadline for filing Income Tax Returns (ITR) for corporate and audited taxpayers to November 15, 2024. Initially set for October 31, this extension grants additional time for businesses and individuals who require a tax audit. However, salaried taxpayers had a separate deadline of July 31, 2024, and can revise their returns until December 31 if necessary.

In a statement shared via social media, the Income Tax Department stated: “The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of furnishing of Return of Income 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 139 of the Act, which is October 31, 2024, to November 15, 2024.” This extension aims to support taxpayers with the busy compliance season and includes the requirement of submitting a tax audit report before filing the ITR.

Key Dates for All Taxpayers

Tax Audit Report Deadline and Compliance

The tax audit report deadline for FY 2023-24 was recently moved from September 30 to October 7, 2024. Filing the audit report on time is essential, as it supports the accuracy of the ITR and keeps taxpayers within compliance regulations. Missing this deadline could lead to penalties, including a maximum charge of Rs 1.5 lakh or 0.5% of total sales, whichever is lower.

However, this extension only applies to ITR filing and does not change the deadlines for tax audit reports, transfer pricing certifications (Form 3CEB), or other required forms like Form 10DA, which remain due by October 31, 2024.

Key Tax Audit Requirements

Under Section 44AB of the Income Tax Act, 1961, tax audits are required for:

• Businesses with annual turnover exceeding Rs 10 crore (reduced to Rs 1 crore if cash transactions surpass 5% of total transactions).
• Professionals with annual gross receipts over Rs 75 lakh (lowered to Rs 50 lakh if cash transactions exceed 5%).
• Taxpayers in presumptive schemes under Sections 44AD, 44ADA, 44AE, 44BB, or 44BBB who report lower profits than required and have incomes above the basic exemption limit.

Missing the November 15 ITR Deadline

Those who miss the November 15 deadline will need to file a belated ITR along with a penalty fee. Non-filers or late filers who fail to submit an ITR by December 31 could incur additional penalties.