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[ad_1] New Delhi: Good news for corporates! The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the Assessment Year 2024-25. Originally set for October 31, 2024, the new deadline is now November 15, 2024, according to the Ministry of Finance. This extension applies to income tax returns for the fiscal year 2023-24, now due by November 15. This follows a recent government move to extend the deadline for submitting tax audit reports to October 7, 2024, from the original deadline of September 30, 2024. Specific taxpayers under income tax law are required to complete an income tax audit and submit the report by September 30 of the assessment year. Sandeep Jhunjhunwala, tax partner at Nangia Anderson LLP clarified that this extension doesn’t affect deadlines for the Tax Audit Report, transfer pricing certification in Form 3CEB, or other forms like Form 10DA, which will still need to be submitted by October 31, 2024. Rajat Mohan, Se...

[ad_1] You can file your Income Tax Return (ITR) online on the Income Tax Portal. ITR Filing: Revenue Secretary Sanjay Malhotra has asked income tax payers to file their return at the earliest as the finance ministry is not contemplating extension of the deadline. ITR Filing 2023: Revenue Secretary Sanjay Malhotra has asked income tax payers to file their return at the earliest as the finance ministry is not contemplating extension of the July 31 deadline. About 5.83 crore income tax returns were filed as on July 31 last year, the last day for filing returns for assessment year 2022-23. “We expect that the filing would be higher than the last year…we are hopeful that it should be more than the last year," he said in an interview to news agency PTI . “We would like to thank income tax return filers as ITR filing has been at a much faster pace than last year and we would advise them not to wait to the last moment and also not to hope for any extensions. Also Read:  Don’t Miss ...

[ad_1] July 31 is the last date for filing the Income Tax returns without any penalty for AY 2023-24. By July 11, over 2 crore ITRs were filed for AY 2023-24 as compared to 2 crore ITRs filed till the 20th of July last year. This means, more taxpayers have filed returns before time this year. India has around 6 crore taxpayers. Sharing the taxpayer's latest data, the Income Tax department said that taxpayers have helped it reach the 2 crore milestone 9 days early this year, compared to the corresponding period in the preceding year. The Income Tax Department advised people to file their ITR for AY 2023-24 at the earliest to avoid last minute spurt. With the advancement of technology, the Income Tax Department has also gone high-tech and is using Artificial Intelligence to track and match data even from sources you cannot imagine.  Use Of AI In ITR Scrutiny Starting this year, the income tax department will conduct the strictest scrutiny of tax returns. To facilitate th...