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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] NEW DELHI: More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday. He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now. The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick approval" of the department's cadre restructuring proposal. The chairperson was speaking at an event held here to mark the 164th Income Tax Day where Sitharaman was the chief guest. The Central Board of Direct Taxes (CBDT) is the administrative authority for the Income Tax Department . Gupta said direct tax collection, which includes personal income tax and corporate tax among others, has been making "remarkable" strides as the department collected more than...