CBDT Extends ITR Due Date From 31st October to 15th November 2024

Circular No. 13/2024, dated 26-10-2024

Section 139(1) of the Income Tax Act, 1961 relates to the furnishing of income returns. It mandates all assessees, whether companies, firms, or individuals (subject to certain conditions), to furnish a return of income on or before the due date in the prescribed form and manner.

The due dates for furnishing the return of income vary depending on the type of taxpayer (e.g., company, firm, or individual) and whether an audit is required. Explanation 2 to Section 139(1) enlists the due dates for furnishing the return of income, namely 31 July, 31 October, and 30 November of the relevant Assessment Year.

It provides that the due date for furnishing the return of income is 31st October of the Assessment Year in the case of the following assessees:

a) Company;
b) A person (other than a company) whose accounts are required to be audited under this Act or any other law for the time being in force; or
c) A partner of a firm whose accounts are required to be audited under this Act or any other law for the time being in force or the spouse of such partner if the provisions of Section 5A apply to such spouse.

Accordingly, the persons mentioned above were required to furnish their income tax returns for the Assessment Year 2024-25 on or before 31st October 2024.

However, the Central Board of Direct Taxes (CBDT), vide Circular No. 13/2024, dated 26-10-2024, has extended the due date for furnishing such return of income from October 31st, 2024 to November 15th, 2024.

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