The Income Tax Department has extended the deadline for filing income tax returns (ITR) for the financial year 2023-24 (Y2024-25) by 15 days to December 15 for taxpayers with certain international transactions. ,
This decision of the government will help taxpayers to avoid penalty for late filing of ITR. The last date for filing income tax return under section 139(1) of the Income Tax Act, 1961 is November 30 in the case of taxpayers who are required to furnish reports referred to in section 92E.
Extension of time limit for assessment year
An official order issued by the Income Tax Department said that the Central Board of Direct Taxes (CBDT) has now extended the deadline to December 15, 2024 for the assessment year 2024-25.
Those who have made international transactions will have to submit reports under Section 92E. The extension of ITR filing deadline will mostly apply to entities participating in international or certain domestic transactions.
Strong economic and financial position of the government
According to recently released official data, the Centre’s fiscal deficit at the end of the first seven months (April-October) of the current financial year stood at 46.5 per cent of the target for the entire year. This reflects the strong economic and financial position of the government. The government aims to bring the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current financial year, from 5.6 per cent in 2023-24.
According to data released by the Controller General of Accounts (CGA), the total fiscal deficit, i.e. the difference between government expenditure and revenue, stood at Rs 7,50,824 crore during April-October this year. The central government’s revenue-expenditure data for the first seven months of 2024-25 showed that net tax revenue was about Rs 13 lakh crore and 50.5 per cent of the budget estimate for the current fiscal year.
