• Source:JND
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ITR Filing Deadline:  The centre on Saturday extended the deadline for corporates to file Income Tax Returns (ITR) for the financial year 2024-25 for 15 days, effectively pushing it to November 15. The Central Board of Direct Taxes under the Finance Ministry said that the deadline has been extended from the earlier stipulated October 31 date to November 15, 2024.

Taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961, would be covered under the extended deadline, it said in a statement.

According to Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, the deadline extension does not apply to the Tax Audit Report, transfer pricing certification in Form 3CEB, or other income tax forms such as Form 10DA, which are still due by October 31, 2024.

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AMRG & Associates Senior Partner Rajat Mohan commented that the CBDT’s decision to extend the income tax return filing deadline for AY 2024-25, though lacking an official explanation, appears to consider the upcoming festive season.

"By extending the deadline to November 15, 2024, taxpayers and professionals alike can prioritise accuracy and compliance without the stress of last-minute filings amidst celebrations," Mohan said.

Jhunjhunwala said, "This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation".

In September, the CBDT had extended the due date for filing tax audit reports by 7 days till October 7, reported news agency PTI.

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Meanwhile, Income Tax Department is gearing up to launch a revamped e-filing portal, ITR 3.0, aimed at making the tax filing process simpler and faster for taxpayers. Reports suggest that the new portal will feature a more user-friendly interface, potentially cutting down the time required to file returns.

Currently, the department operates on the Integrated e-filing and Centralized Processing Center (IEC) 2.0, but IEC 3.0 will introduce advanced IT capabilities designed to accelerate ITR verification, processing, and refund issuance, according to an official circular.

(With Inputs from PTI)