According to this circular, the deadline of October 31 will be extended. The new deadline for assessment year 2024-25 (filing tax returns for financial year 2023-24) is now November 15.
Corporate ITR Filing Deadline: The Income Tax Department has extended the deadline for filing income tax returns by corporates for assessment year 2024-25 by 15 days. Now the new deadline has been extended to November 15. The Central Board of Direct Taxes (CBDT) has also issued a circular in this regard. According to this circular, the deadline of October 31 will be extended. The new deadline for assessment year 2024-25 (filing tax returns for financial year 2023-24) is now November 15.
What experts say
Sandeep Jhunjhunwala, Nangia Andersen LLP Tax Partner, said that this extended period for filing tax returns will not apply to tax audit reports. Earlier in September, the CBDT had extended the last date for filing tax audit reports by seven days to October 7.
Increase in return filing
Let us tell you that tax simplification measures have increased income tax return filing. An SBI Research report said that income inequality has decreased by 74.2 percent for those earning up to Rs 5 lakh, which shows that government initiatives are effectively increasing income among low-income groups. The report said that direct tax contribution has reached a 14-year high. India’s progressive tax system has increased the direct tax contribution to 56.7 percent of total tax revenue in assessment year 2024, the highest in 14 years.
Difference in corporate and personal income tax collections
From FY21, personal income tax collections have overtaken corporate income tax. The direct tax-GDP ratio reached 6.64 per cent in FY24, the highest since 2000-01. Additionally, the cost of tax collection decreased to 0.44 per cent in FY24 from 0.51 per cent in FY23.
