The deadline for filing income tax returns (ITR) for the financial year 2023-24 is November 15, 2024, specifically for taxpayers subject to an income tax audit and some other designated taxpayers, The Economic Times reported.
The deadline was initially set for October 31, 2024, but was extended once to November 15. Therefore, further extensions are unlikely.
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This ITR submission is closely related to submitting the tax audit report, which has details that must be referenced in the ITR. Thus, the tax audit report must also be submitted before filing the ITR.
Who all have to file ITR by November 15, 2024?
The ET report cited chartered accountant Prakash Hegde as saying the following types of taxpayers have to file ITR by November 15, 2024, for FY 2023-24:
- Companies, including both Indian and foreign.
- All taxpayers whose accounts have to be audited under any law (for example, under the Income Tax Act or the Limited Liability Partnership Act or even the Co-Operative Societies’ Act, etc).
- Partners of firms whose accounts have to be audited under any law.
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Transfer-pricing cases
According to the report, the deadline is November 30, 2024, if the taxpayers have international or specified domestic transactions.
They must submit a transfer pricing audit report in Form 3CEB by October 31, 2024, and file an ITR by November 30.
If the transfer pricing report has not been submitted, it must be done so since some details from Form 3CEB must be filled in. Otherwise, according to the report, a penalty of ₹1 lakh and an additional 2% of the transaction value for international transactions with related parties will be issued.
The report also said failing to meet the November 30, 2024, deadline will prevent the taxpayer from carrying forward any losses for 2023-24.
What will happen if fail to file ITR by November 15?
If you miss the November 15 deadline to file your ITR, you will need to submit a belated return by December 31, 2024, along with a penalty under Section 234F, which could range from ₹1,000 to ₹5,000, depending on your taxable income, the report added. Interest may also be charged under Sections 234A and 234B. Additionally, you will lose the ability to carry forward any losses from this year.
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