Final date of ITR submitting: The Revenue Tax Division has nonetheless not conveyed that whether or not it’s going to prolong the deadline for submitting revenue tax returns for the Evaluation Yr 2024-25 or the monetary yr 2023-24. Taxpayers and lots of organisations have requested the Union Finance Minister and Revenue Tax Division to grant an extension to the ITR submitting deadline, significantly in gentle of the numerous technical points skilled on the e-filing portal for an prolonged interval. As of July 30, greater than 5.70 crore taxpayers have already filed their ITRs, with roughly 2.42 crore ITRs having undergone processing.
You will need to be aware that the present deadline for submitting ITR for AY 2024-25 is July 31 and most salaried and enterprise professionals have lower than two days to their file annual taxes to the federal government. Each the Revenue Tax Division and the Union Finance Ministry have been actively reminding taxpayers by way of emails and SMS to make sure well timed submitting of their ITR to keep away from penalties and different penalties.
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Who all can file their ITR after July 31
Nonetheless, people and entities whose accounts necessitate an audit are permitted to submit their Revenue Tax Return (ITR) till October 31, 2024. This extension is meant to permit ample time for the completion of the audit course of earlier than the submitting of the ITR. The Revenue Tax Division offers these taxpayers with a further 90-day interval to have their accounts audited by an authorized chartered accountant previous to submitting their ITR.
Moreover, companies engaged in worldwide transactions usually require thorough evaluation and documentation associated to switch pricing. To facilitate this course of, a deadline extension till November 30 is granted for submitting their Revenue Tax Returns (ITRs).
Equally, corporations concerned in specified home transactions may necessitate complete reporting and adherence to compliance procedures. Because of this, these taxpayers could also be eligible for an prolonged deadline for submitting their returns.
Nonetheless, the standards for qualifying for these deadline extensions will be intricate and hinge on particular sections of the Revenue Tax Act. It is necessary to notice that in sure cases, late submitting charges should still apply regardless of the prolonged deadlines.
What for those who miss the July 31 deadline
Regardless of lacking the preliminary deadline of July 31, 2024, taxpayers nonetheless have the chance to satisfy their tax submission obligation by offering the mandatory documentation. It’s essential to acknowledge that submitting a belated return could lead to particular penalties or repercussions; therefore, it is suggested to finish this process promptly to mitigate any potential problems.
Please be told that the deadline for submitting belated revenue tax returns is fastened at December 31 of every yr. For many who have but to file their taxes for the 2023-24 monetary yr (evaluation yr 2024-25), the deadline for submitting the delayed tax return is prolonged till December 31, 2024.
