Sunday, 25 February, 2024

---Advertisement---

I-T Return: No fine on income tax return filling till November 7 as deadline extended

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 […]

Edited By : Divya Richa | Updated: Jan 28, 2023 18:52 IST
Share :
ITR deadline missed:
ITR deadline missed

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).

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.

(tramadol)

First published on: Oct 27, 2022 02:03 PM IST

Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story