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A notification by the Central Board of Direct Taxes (CBDT), the statutory decision-making authority under the Central Board of Revenue Act, 1963 for income and corporate taxes, said that the ITR filing due date for companies is extended due to the extension of the deadline for filing audit reports, which was announced last month.
The notification read “In consequence to 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 071h October 2022 by Circular No. 19/2022 dated 30.09.2022, Central Board of Direct Taxes (CBDT), in 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.”
Last month, the CBDT announced an extension of the deadline for companies to their file audit reports by 7 days till October 7, 2022.
For the financial year 2021-2022, Indian companies are required to file their ITR returns by October 31, 2022. For companies that are subject to transfer pricing norms, the due date to file income tax returns will be November 30, 2022.
Chartered accountancy firm AMRG & Associates’ Director of corporate and international tax Om Rajpurohit told PTI that this extension will provide a much-needed relief to the businesses during the festival season vis-a-vis to prevent any future anomalies with tax provisions (w.r.t. maintaining the statutory time gap of 30 days). He added, “a comparable reprieve is eagerly anticipated for corporate entities, subject to the Transfer Pricing Regulation as well.”
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