New Delhi: The deadline for corporate income tax returns for the assessment year 2022–2023 to be submitted has been extended by the Finance Ministry until November 7.

Companies that must have their accounts audited had until October 31 to file their ITRs.

The ITR reporting due date has also been extended, according to a notification from the Central Board of Direct Taxes (CBDT), the highest decision-making authority in areas of income and corporation tax. Last month, the CBDT extended the deadline for filing audit reports.

“CBDT… extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is October 31, 2022… to November 7, 2022,” the CBDT notification said.

For the Financial Year 2021–2022, domestic businesses must submit their income tax returns by October 31, 2022. For businesses that must abide by transfer pricing regulations, the ITR filing deadline is November 30, 2022.

The extension, according to Om Rajpurohit, Director (Corporate & International Tax) at AMRG & Associates, will offer much-needed respite throughout the festive season in order to avoid any future inconsistencies with tax regulations (w.r.t. maintaining the statutory time gap of 30 days).

The CBDT extended the submission deadline for audit reports by seven days, until October 7.

“A comparable reprieve is eagerly anticipated for corporate entities, subject to the Transfer Pricing Regulation as well,” Rajpurohit said.