I-T Return: The Union Ministry of Finance announced on Wednesday that the Central Board of Direct Taxes (CBDT) had extended the deadline for submitting the return of income for the Assessment Year 2022–23.
For the category of assesses whose due date occurs on October 31, 2022, the CBDT had extended the due date under sub-Section (1) of Section 139 of the Income-Tax Act, 1961 to November 7, 2022 for the Assessment Year 2022–23. (the Act).
CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.https://t.co/x9yhpL0d1T pic.twitter.com/T4LbT9Qy4K
— Income Tax India (@IncomeTaxIndia) October 26, 2022
Filing ITR deadline extended
The time for filing ITR has also been extended, according to a notification from the Central Board of Direct Taxes (CBDT), as the deadline for filing audit reports was extended last month.
For the financial year 2021–2022 and assessment year 2022–2023, domestic enterprises had until October 31, 2022, to file their income tax reports. According to transfer pricing regulations, corporations have until November 30, 2022, to file their income tax reports.
In this case, it is anticipated that the extended deadline will provide the taxpayers with significant respite, especially in light of the holiday season.
An official order from earlier in the day indicated that the CBDT had added a week to the deadline for filing tax returns by some taxpayers, including businesses, for the assessment year 2022–23.
Companies, individuals whose books of accounts need to be audited, and partners of a firm whose accounts need to be audited are all eligible for the extension of the due date. According to the CBDT, the additional time of up to October 7 was provided for the filing of various audit reports in the case of these organisations, which is why the deadline was extended by a week.