Income Tax: Finance Ministry extends ITR filing deadline for companies till November 7
By Team Newsable | First Published Oct 26, 2022, 6:50 PM ISTThe Central Board of Direct Taxes (CBDT), the apex decision-making body in income and corporate tax, said in a notification that as the deadline for filing audit reports was extended last month, the ITR filing deadline has also been extended.
The Central Board of Direct Taxes (CBDT) extended the deadline for certain taxpayers, including corporations, to file tax returns for the fiscal year 2022-23 by seven days on Wednesday (October 30). Previously, the deadline for filing ITR by companies required to have their accounts audited was October 31.
According to the most recent CBDT notification, the deadline for filing income tax returns has been pushed back from October 31 to November 7.
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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)
According to the CBDT notification, "CBDT... extends the due date of furnishing Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, October 31, 2022... to November 7, 2022."
CBDT, the apex decision-making body in income tax matters, stated that the due date was extended by seven days as extra time of up to October 7 was granted for filing various audit reports in the case of these entities.
Last month, the CBDT, the government's tax administration arm, extended the deadline for filing audit reports by seven days until October 7.
Director (Corporate & International Tax) at AMRG & Associates, Om Rajpurohit, said that the extension would provide much-needed relief during the holiday season while preventing future anomalies with tax provisions (w.r.t. maintaining the statutory time gap of 30 days).
It is also highly anticipated that business organisations subject to the Transfer Pricing Regulation will receive a similar reprieve, according to Rajpurohit.
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