Income Tax Deadline: Last one week left to file tax return for THESE taxpayers. Check details | Mint
Source: Live Mint
Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return (ITR) for AY 2024-25. The last date to file income tax return for these taxpayers is November 15.
The income tax department recently issued a statement that says that it’s the last week left for taxpayers whose accounts are audited or a partner in a firm whose accounts are audited under section 44AB or companies but not those covered under section 92E of the Income Tax Act 1961. The last date for them to file income tax return is on or before Nov 15, 2024, the statement further reads.
It is worth mentioning that the last date of filing income tax return (ITR) for the taxpayers whose accounts are supposed to be audited is October 31. Recently this was extended by two weeks to November 15.
The last date is Nov 15 for the following taxpayers:
1. Whose accounts are audited. This means the business turnover was over ₹one crore (or ₹50 lakh for professionals).
2. Partner in a firm whose accounts are audited under section 44AB. It includes individuals, HUFs, firms with gross receipts exceeding ₹1 crore in business or ₹50 lakhs in profession.
3. Companies not covered under section 92E of the Income Tax Act, 1961. Section 92E requires entities involved in international and specified domestic transactions to obtain a report from a chartered accountant.
The salaried taxpayers, however, are supposed to file their income tax return before July 31. This time, over 7 crore tax returns were filed by July 31, 2024.
Meanwhile, in another news over 9.54 lakh taxpayers with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed.
The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns in October. In the preceding month, i.e. September, this figure stood at 2,38,472.
In August and July, the corresponding data stood at 2,15,586 and 2,08,284. In the first three months of this fiscal year, as many as 15,694 individuals filed their income tax returns.
