ITR filing 2024: Deadline to file annual tax returns for corporates ends on November 15; check details

The deadline for submitting the income tax return (ITR) for FY 2023-24 is November 15, 2024, for corporates, taxpayers under income tax audit, and other specified taxpayers. Recently, the Income Tax Department extended the deadline for filing returns by corporates and individuals requiring audit to November 15 from the initial deadline of October 31, 2024.

For individuals, specifically those in the salaried class, the deadline was July 31. Those who filed their returns by this date can make revisions until December 31. Non-filers will face penalties if they choose to file their returns by December 31. However, no changes have been made for such taxpayers.

In a social media post, the Income Tax department stated: “The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax Act, 1961, extends the due date of furnishing of Return of Income for the Assessment Year 2024-25 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 13 9 of the Act, which is October 31, 2024, to November 15, 2024.”

The process of filing your ITR is closely linked to submitting a tax audit report, as the information in the report must be included in the ITR. It is crucial to submit your tax audit report before filing your ITR.

In September, the deadline for filing the income tax audit report for the financial year 2023-24 (assessment year 2024-25) was postponed to October 7, 2024, from the initial deadline of September 30, 2024. This extension allows taxpayers extra time to fulfill their compliance responsibilities. 

If the deadline to submit  income tax audit report was missed, taxpayers should ensure that the audit report is submitted before filing your ITR. Failure to do so may result in two law violations: failing to file the ITR and missing the submission of the tax audit report.

If the tax audit report is not submitted by the due date, it will be considered defective. A penalty may be levied for late filing, which could be a maximum of Rs 1.5 lakh or 0.5% of total sales, whichever is lower.

Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP, said: “It is crucial to take a note that this extension would not apply to Tax Audit Report, Transfer pricing certification in Form 3CEB and other income tax forms such as Form 10DA, which would still remain due on October 31, 2024. This targeted extension seeks to facilitate compliance during a peak period while upholding the timely submission of critical audit documentation.” 

Akshay Jain - Partner - Direct Taxation Advisory - NPV & Associates LLP, told the Economic Times: "If the taxpayer has missed the deadline for submitting the Tax Audit report (originally September 30, 2024, extended to October 7, 2024), it is recommended that they first file the tax audit report by paying the penalty (if any imposed) and then submit the ITR by November 15, 2024.

"If a taxpayer fails to submit a required tax audit report by the due date (October 7, 2024), they are not eligible for the extended ITR filing deadline of November 15, 2024. The extension applies only to those who submitted their audit report on time. Missing this audit deadline results in losing the November 15 extension," said CA Abhishek Soni, co-founder, Tax2Win.

Tax audit

Tax audit requirements are outlined in section 44AB of the Income Tax Act, 1961. A tax audit is mandatory if sales turnover or gross receipts from a business exceed Rs 10 crores in the previous year. However, this threshold is reduced to Rs 1 crore if total cash receipts/payments (including sales and expenses) exceed 5% of the total receipts/payments. 

Additionally, if gross receipts from a specified profession exceed Rs 75 lakh in the previous year, a tax audit is necessary. This limit is lowered to Rs 50 lakh if total cash receipts/payments (including sales and expenses) exceed 5% of the total receipts/payments. 

Taxpayers who qualify for presumptive taxation schemes (sections 44AD, 44ADA, 44AE, 44BB or 44BBB) but indicate profits lower than the prescribed amounts under those sections, and whose income surpasses the basic exemption limit, are also required to undergo tax audit.

Missed the November 15 deadline

If someone misses the deadline to file Income Tax Return (ITR) by November 15, 2024, then he or she has to file a belated ITR, along with the payment of a penalty fee.