PTI | | Posted by Sharmita Kar
The Finance Ministry on Wednesday prolonged the deadline for submitting earnings tax returns for the evaluation 12 months 2022-23 by companies until November 7.
The final date for submitting ITR by firms who’re required to get their accounts audited was October 31.
The Central Board of Direct Taxes (CBDT), the apex decision-making physique in issues of earnings and company tax, in a notification stated because it had final month prolonged the deadline for submitting audit studies, therefore the ITR submitting due date too is prolonged.
“CBDT… extends the due date of furnishing of Return of Earnings underneath sub-section (1) of part 139 of the Act for the Evaluation 12 months 2022-23, which is October 31, 2022… to November 7, 2022,” the CBDT notification stated.
Home firms are required to file their earnings tax returns by October 31, 2022, for the Monetary 12 months 2021-2022. The due date to file ITR might be November 30, 2022, for firms that are topic to switch pricing norms.
AMRG & Associates Director (Company & Worldwide Tax) Om Rajpurohit stated the extension would offer much-needed aid in the course of the competition season vis-a-vis to forestall any future anomalies with tax provisions (w.r.t. sustaining the statutory time hole of 30 days).
Final month, the CBDT prolonged the deadline for submitting audit studies by 7 days until October 7.
“A comparable reprieve is eagerly anticipated for company entities, topic to the Switch Pricing Regulation as nicely,” Rajpurohit stated.