The deadline to file earnings tax returns (ITR) by corporates and people requiring audit for the monetary yr 2024-25 is November 15, 2024.
The deadline was set for October 31, 2024, initially, however was prolonged to November 15. Any additional extension to this deadline is unlikely.
This earnings tax return submission is intently linked to submitting the tax audit report, which has particulars that have to be referenced within the ITR. The tax audit report have to be submitted earlier than submitting the ITR.
Kinds of taxpayers to file returns by Nov 15:
As per an Financial Occasions report citing Prakash Hegde, a chartered accountant, there are three kinds of taxpayers who need to file ITR by November 15, for the monetary yr 2023-24:
1. Corporations, together with each Indian and overseas.
2. All taxpayers whose accounts need to be audited beneath any regulation (for instance, beneath the Revenue Tax Act or the Restricted Legal responsibility Partnership Act and even the Co-Operative Societies Act, and so forth).
3. Companions of firms whose accounts need to be audited beneath any regulation.
What if a taxpayer fails to satisfy the November 15 deadline?
In case a taxpayer forgets to satisfy the November 15 deadline to file the ITR, they might be required to submit a belated return by December 31, 2024, together with a financial penalty which may vary between ₹1,000 and ₹5,000 relying on the taxable earnings, as per the report.
Extra curiosity could also be charged beneath Sections 234A and 234B, together with the taxpayer shedding the flexibility to hold ahead any losses from this yr.
Instances of transfer-pricing
Within the case of taxpayers having worldwide or specified home transactions, the deadline is November 30, based on the report. The taxpayers should submit a switch pricing audit report in Kind 3CEB by October 31, 2024, and file an ITR by November 30.
If the transfer pricing report has not been submitted, it have to be achieved, as some particulars from Kind 3CEB should be stuffed in. In any other case, as per the ET report, a penalty of ₹1 lakh and a further 2 per cent of the transaction worth for worldwide transactions with associated events will probably be charged.
If a taxpayer fails to satisfy the November 30 deadline, the division will forestall them from carrying ahead any losses for the monetary yr 2023-24.
