Just before Diwali, the Income Tax Department has given a big relief to corporate taxpayers. The Central Board of Direct Taxes (CBDT) has extended the last date for filing corporate income tax returns for the assessment year 2024-25. Now taxpayers can file their ITR till November 15, 2024.
Why was the deadline extended
No official reason has been given by the government for extending the deadline, but it is believed that this step has been taken given the festive season. So that companies do not have to rush to file tax returns amid festival preparations.
Which companies will benefit
It is important to note that not all corporate taxpayers will benefit from this extension. If transfer pricing provisions and audits apply to your company, then you will have to file your ITR by October 31, 2024. In cases of tax audit under section 44AB and transfer pricing under section 92CE, you will have to follow the old deadline of October 31.
Who Doesn’t Benefit
Note that the deadline for filing ITR has not been extended for companies to which transfer pricing provisions and audits apply. These companies will have to file their ITR by October 31, 2024.
How to File ITR Online
Nowadays most people file ITR online. If you also want to file online, then follow these easy steps:
Go to the Income Tax Department’s e-filing portal https://www.incometax.gov.in/iec/foportal/.
Click on the login option button on the portal.
Enter your PAN card number and date of birth and click the “Continue” button.
Now enter your correct password and then click on the login button option.
After logging in, click on Dashboard.
Here click on “E-File” > “Income Tax Return” > “File Income Tax Return”.
Choose the ITR form to file the return and fill in the details.
Fill in the details of your income, deductions, and taxable income and your tax payable will be calculated.
You can then pay tax online or offline.
Then, verify the ITR return using the Aadhaar number and e-signature, correct any mistakes, and click on the “Submit” button.
Once your ITR is fully submitted, you can also download the ITR receipt and keep it for your personal records. You can track the status of your income tax return through the acknowledgment number given in it.