ITR due date extension: How extending deadline to file returns with audit reports will be beneficial

The Central Board of Direct Taxes (CBDT) has announced an extension of the due date for filing income tax returns (ITR) for individuals and corporates whose accounts need to be audited. The deadline has been extended to 7 November 2022 from 31 October 2022. The CBDT has also put out a tweet concerning the deadline extension on its official Twitter handle. It is to be kept in mind that the week-long extension is only for those corporates, individuals and businesses whose accounts are subject to audit. For the majority of the taxpayers the deadline to file their ITR for Assessment Year 22-23 was 31 July 2022. What does the CBDT circular say? The CBDT’s circular states, ““In consequence of the extension of due date for various reports of audit in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act to 7th October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Income-tax Act,1961 (Act), extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act, to 07th November 2022”. View the tweet here:

What benefit will the move bring? The week-long extension is being welcomed by the business community. Aarti Raote, Partner, Deloitte India, told The Financial Express that the move will give additional time to taxpayers and their accountants so that they can ensure that the requisite audits take place and pay taxes within the due date. It will help them avoid penalties and protect “carry forward of losses, if any”. As per Dr Suresh Surana, Founder, RSM India, the extension will benefit all those who are subject to tax audits under section 44AB of the Income Tax Act, 1961. One thing to be noted is that the deadline for filing of transfer pricing audit certificates has not been extended and remains 31 October 2022. All businesses and individuals need to file the certificate by the stipulated deadline. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .