Government Extends IT Return Filing Till 15th November for Certain Taxpayer

Deadline Extended for Filing IT Returns till 15th November?

This year, the Income Tax Department has extended the deadline to file IT Returns for 2023-24 Financial Year till November 15,2024. However, its applicable for those who are mandated to file IT Returns by 31st October, 2024.?

The Central Board of Direct Taxes issued this notice under Section 119 of Income Tax Act, 1961.??

Eligible Taxpayers to Get an Extension till November

The taxpayers who’re eligible to get the extended deadline includes every entity, enterprise or company which are subject to conduct a tax audit.?

Apart from these taxpayers, HUFs, LLPs and partnership firms are also included in this category. These entities were mandated to submit their tax audit report by 7th October, 2024, as per an extension allowed earlier.?

The extended deadline for filing IT Returns by 15th November also includes the remittance of TDS and other statutory dues, if the Section 43B has not been filed by 31st October 2024.???

Taxpayers Not Eligible for The Extension?

Unfortunately, the extended deadline for filing IT Return by 15th November is not applicable for those taxpayers under following categories-?

• Taxpayers who must transfer pricing audits under Section 92 CE

• Taxpayers covered under transfer pricing provisions need to complete their audit one month before the deadline for filing IT Returns mentioned under Section 139(1) of Income Tax Act?

Necessity of Tax Audit Before Filing IT Returns?

The necessity of Tax Audit is compulsory because -?

• Taxpayers must complete tax audit report submission before filing IT Returns
• Audit Report details are mandatory in IT Returns, as failure in submission of tax audit report leads to delay in filing IT Returns?
• Moreover, Audit Report’s Acknowledgement number and filing date is compulsory to file IT Returns

Few Consequences of Failing to File IT Returns Within Extended Deadline??

The taxpayers failing to file IT Returns by 15th November 2024 might face the following repercussions listed below-?

• Interest for late filing under Section 234A
• Interest for late payment of taxes as per Section 234B
• Penalties up to 5,000 INR, based on taxable income, as per Section 234F
• Restriction to carry forward Business and capital loss?
• Taxpayers applicable under TDS and TCS exceeding 50,000 INR may face high TDS Rate for 2025-26 Financial Year on failing to file IT Returns within extended deadline?
• Failure to file IT Returns lead to prosecution if the due taxes exceed 10,000 INR addition to penalties and interest recovery

Conclusion

As a responsible Indian citizen, filing Income Tax Return is a statutory duty for every taxable person. However, if you’re unaware of the IT category in which you belong, feel free to reach a professional tax consultant. They can help you to file IT Returns within the deadline mentioned by Central Board of Direct Taxes.?

If you are interested to know more such updates related to taxation, stay tuned with us! Feel free to share your views as well in the comment section.?