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News INCOME TAX

  • Nov 13, 2024
  • ITR filing deadline is November 15, 2024 for these taxpayers; file tax audit report before filing ITR

    The deadline for filing the income tax return (ITR) for FY 2023-24 is November 15, 2024, for those taxpayers subject to an income tax audit and other designated taxpayers. If you're hoping for an extension of this deadline, it's important to note that this is already an extended deadline, as the original deadline was October 31, 2024. To date, there has been no announcement regarding any further extensions to this revised deadline, making it unlikely that the government will decide to push it back again under the current circumstances.

    What do you need to do before filing ITR by November 15, 2024
    The process of filing your ITR is closely tied to the submission of a tax audit report. Experts emphasize that the details provided in the tax audit report must be referenced in the ITR, highlighting the interconnected nature of the two. Therefore, it's essential to submit your tax audit report prior to filing your ITR.

    According to Chartered Accountant Prakash Hegde, "The taxpayer liable for income tax audit has to give the details of the tax audit in his ITR (including the date of furnishing audit report, acknowledgement number of audit report etc.). Unless the tax audit report is submitted, these details cannot be filled in the ITR. Therefore, filing a tax audit should precede filing the ITR of the taxpayer."