ITR filling: Are you trying to fill ITR as soon as possible? Then this article is for you. Ahead of Diwali, the Central Board of Direct Taxes (CBDT) has made a big announcement. CBDT has extended the deadline for filing corporate income tax returns for the assessment year 2024-25 (AY 2024-25). Yed, you’ve heard it right. Now taxpayers can file ITR till November 15, 2024. Earlier, its deadline was October 31, 2024.
CBDT extended deadline for ITR filling
Sandeep Jhunjhunwala of Nangia Anderson LLP Tax Partner told PTI that this extended period for filing tax returns will not be applicable to tax audit reports. Earlier in September, the CBDT had extended the deadline for filing tax audit reports by 7 days to October 7.
After this decision, workers are released. India’s direct tax collection has seen a big jump in the last decade. It has increased to Rs 19.60 lakh crore in the financial year 2023-24 from Rs 6.95 lakh crore in the financial year 2014-15. The reason for the increase in direct tax collection is the jump in personal income tax. Personal income tax collection in FY 2014-15 was Rs 2.65 lakh crore, which has increased to Rs 10.45 lakh crore in FY 2023-24. It has increased by 294.3 percent in the last decade. Corporate tax collections have increased by 112.85 percent in the last decade to Rs 9.11 lakh crore.