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Income Tax: Taxpayers will now be able to file ITR till November 7, the government has extended the deadline – no penalty will be imposed

Highlights

Companies that are required to get their accounts audited.
Earlier the last date for filing ITR was 31 October.

New Delhi. It is mandatory for taxpayers to file income tax return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. The Finance Ministry on Wednesday extended the deadline for filing income tax returns by companies for the assessment year 2022-23 to November 7. For companies that are required to get their accounts audited, the last date for filing ITR was earlier October 31.

The Central Board of Direct Taxes (CBDT) said in a notification that since the deadline for filing audit reports was extended last month, the deadline for filing ITR has also been extended.

The CBDT said that the date for furnishing the return of income under sub-section (1) of section 139 of the Act for the assessment year 2022-23 has been extended. Earlier it was 31 October. This has now been increased to November 7, 2022. Domestic companies are required to file their income tax returns for the financial year 2021-2022 by October 31, 2022. The due date for filing ITR will be November 30, 2022 for companies whose transfer pricing is under process.

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Om Rajpurohit, director (company and international taxes), AMRG & Associates, said the extension in the deadline would provide much-needed relief during the festive season. Last month, the CBDT extended the deadline for filing audit reports by seven days to October 7.

Know what are the terms and conditions?

Those who could not file their return due to any reason till the deadline, they will now be able to file their return till December 31, 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.

Tags: business news in hindi, Income tax latest news, ITR, ITR filing

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