[BREAKING] ITR Filing Due Date for Assessees Requiring Audit Extended [Read Circular]
This extension applies to assessees that are required by law to have their accounts audited under Section 139 of the Income Tax Act.
The Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing Income Tax Returns ( ITR ) for assessees requiring audits. Through Circular No. 13/2024, dated October 26, 2024, CBDT announced that the ITR filing due date for such businesses has been moved from October 31, 2024, to November 15, 2024, for the Assessment Year (AY) 2024-25.
According to the circular, “The Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Income Tax Act, 1961 (the Act), extends the due date of furnishing the Return of Income under sub-section (1) of Section 139 of the Act for the Assessment Year 2024-25 in cases of assessee referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 31st October 2024, to 15th November, 2024.”
Step by Step Guidance for Tax Audit & E-filing, Click Here
This extension applies to businesses that are required by law to have their accounts audited under Section 139 of the Income Tax Act. By extending the deadline, the government is giving these company or person requiring audit extra time to complete all necessary steps, reducing the chance of mistakes and avoiding possible penalties.
The clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act states as follows:
“Explanation 2.—In this sub-section, "due date" means,—
- where the assessee other than an assessee referred to in clause (aa) is—
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a [***] partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force [or the spouse of such partner if the provisions of section 5A applies to such spouse],
the [31st day of October] of the assessment year;”
Many professional bodies, including tax practitioners and chartered accountants, had urged the CBDT to extend the deadline, citing the workload associated with completing tax audits within the original timeline.
Step by Step Guidance for Tax Audit & E-filing, Click Here
Taxpayers who are mandated by law to have their accounts audited must ensure their audit report is submitted on the Income Tax portal by September 30 each year. Additionally, the annual deadline for filing the Income Tax Return (ITR) for these taxpayers is October 31. However, the same has been extended to November 15, 2024.
To Read the full text of the Order CLICK HERE
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