On Wednesday, the Finance Ministry extended until November the deadline for businesses to submit income tax returns (ITRs) for the assessment year 2022–23. For businesses that must have their accounts audited, the deadline for filing ITRs was earlier on October 31. The Central Board of Direct Taxes (CBDT) announced in the notification that the time for submitting audit reports had been extended last month. As a result, the ITR filing date has also been extended.
For the assessment year 2022–2023, the deadline for filing income returns under Section 139(1) of the Act has been extended, according to the CBDT. For the fiscal year 2021-2, domestic enterprises must file returns by October 31, 2022. The deadline for submitting returns for businesses that are using transfer pricing is November 30, 2022. Last month, the CBDT extended the deadline for filing audit reports by 7 days till October 7.
"A comparable reprieve is eagerly anticipated for corporate entities, subject to the Transfer Pricing Regulation as well," Rajpurohit said.