Income Tax filing deadline extended: One week left for certain taxpayers

Taxpayers whose accounts are required to be audited have just one week left to file their income tax returns (ITR) for Assessment Year (AY) 2024-25. The deadline, initially set for October 31, 2024, has been extended to November 15, 2024.

The Income Tax Department has issued a reminder that this extension applies to:

Taxpayers whose business turnover exceeds ₹1 crore, or ₹50 lakh for professionals.

Partners in firms with gross receipts exceeding ₹1 crore in business or ₹50 lakh in profession.

Companies not involved in international or specified domestic transactions under section 92E of the Income Tax Act 1961.

Key Points:

Extended Deadline: The deadline for filing audited returns has been moved from October 31 to November 15, 2024.

Affected Taxpayers: This extension is relevant for taxpayers with audited accounts, including business owners, partners in firms, and certain companies.

Penalties: The Income Tax Department urges taxpayers to file before the deadline to avoid penalties.

Filing Statistics:

Salaried Taxpayers: Returns for salaried individuals were due by July 31, 2024, with over 7 crore returns filed by that date.

High-Income Filers: Over 9.54 lakh taxpayers earning ₹1 crore and above filed their returns by the original October 31 deadline. This included 2.76 lakh individuals in October alone.

Taxpayers are encouraged to complete their filings in the remaining time to avoid any last-minute complications and ensure compliance with the extended deadline.