New Delhi : The Finance Ministry and CBDT have announced new deadlines for ITR filings and audit report submissions for companies. Discover the key dates now. Get all the details on the extended ITR filing deadlines for companies and the launch of the new e-filing desk by the Income Tax Department here.
Extended Deadline for Company ITR Filings: What You Need to Know
In a recent development that will come as a relief to numerous companies across the nation, the government has announced a one-month extension to the deadline for filing Income Tax Returns (ITR). Here is everything you need to know about the new developments.
Government Grants Extended Deadline for ITR Filings
Companies can breathe a sigh of relief as the government has bestowed a substantial respite, extending the deadline for income tax return filings by an additional month. The new deadline to circle on your calendar is November 30, 2023, providing companies with the extra time they’ve been urging for amidst a hectic financial year.
Extension for Audit Report Submissions
Furthermore, companies mandated to have their accounts audited have also been granted a grace period. Initially slated for October, the deadline now moves to October 31, 2023, allowing for a meticulous and comprehensive audit process to ensure financial integrity and compliance with the relevant regulations.
Finance Ministry Confirms Extension
Confirming the news in a Monday statement, the Finance Ministry illustrated that the extension applies to the filing of Form ITR-7 for the 2023-24 assessment year, moving the due date from October 31 to November 30, 2023. This development facilitates a smoother and more efficient tax reporting process, aiding companies in better complying with financial protocols.
CBDT Announces Through Social Media
The Central Board of Direct Taxes (CBDT) took to Twitter to inform the masses about the pivotal extension, emphasizing the new deadlines for Form 10B/10BB submissions for the financial year 2022-23, now set for October 31, 2023. Moreover, the ITR-7 form submission date for the 2023-24 assessment year now extends to November 30, 2023, providing an ample window for companies to fulfill their tax obligations without haste.
Circular Issued Detailing the Extensions
For a detailed overview of the extensions, refer to the CBDT Circular No. 16/2023 issued on September 18, 2023. Companies seeking further clarity on the matter can find comprehensive details here.
Introduction of E-filing Desk
In an endeavor to simplify the tax submission process and address the concerns of taxpayers, the Income Tax Department has inaugurated an e-filing desk. This initiative aims to eradicate the hindrances faced by taxpayers during the return submission, offering assistance and making the process seamless and hassle-free.
A Surge in Direct Tax Collection
Ending on a positive note, the Ministry revealed that there has been a remarkable 18.29% increment in the overall direct tax collection for the fiscal year 2023-24, amassing a total of Rs 9.87 lakh crore compared to Rs 8.34 lakh crore in the corresponding period of the previous fiscal year.
As we approach the new deadlines, companies are urged to leverage the extended timeframe to ensure accurate and compliant tax filings. The government’s initiative paints a promising picture, aiming to foster a conducive environment for businesses to thrive while abiding by the financial regulations in place. Remember to mark the new dates in your financial calendar to avoid any last-minute hassles.