The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns (ITRs) for companies and individuals whose accounts are subject to audit. The previous ITR Filing due date was October 31, 2022 for these assessees. Let us understand the latest updates on ITR Filing Due Date further extended for AY 2022-23.
Earlier Due Date Extended for Tax Audit Report for AY 2022-23
The Income Tax Department unexpectedly extended the submission date for the Tax Audit Report for Fiscal Year 2022/23. The main rationale for the extended period was the inaccessibility of the Income Tax Portal. Users have reported that the uploading of a single audit report takes them many hours. Due to this, the CBDT had extended the due date for a number of audit reports mandated under the Income-tax Act, 1961 for the Assessment Year 2022-2023. Tweets were used as the means of communication. You can read about this notification at: Tax Audit Report for AY 2022-23 due date extended.
Latest Updates: CBDT notifies due date extension for ITR Filing for AY 2022-23
The CBDT extended the due date for audit reports last month. That’s why it’s extending the deadline for taxpayers to submit their tax returns. In a notification issued on October 26, 2022, the CBDT mentions, “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 31 st October 2022 in the case of assesses referred in clause (a) of Explanation 2 to sub-section (I) of section 139 of the Act, to 071h November, 2022.”
Hence, you can do ITR Filing if you belong to list of eligible assesses for AY 2022-23 till 7th November 2022.
Other Important information regarding due date extension for ITR Filing for AY 2022-23
Companies, individuals whose books of accounts need to be audited, and partners of a partnership firm whose accounts need to be audited are all eligible for the extension of the due date. The CBDT announced that the deadline had been pushed back by a week due to the fact that these organizations had been granted a deadline extension until October 7 to submit a number of audit reports. Personal income tax returns were due by the end of July, and no extensions were granted. Lastly, Companies that must file transfer pricing reports must do so by the end of November with their tax filings.
Accordingly, If you want any other guidance relating to ITR Filling, please feel free to talk to our experts at 8881-069-069.
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