Taxpayers who need to get their accounts audited have just one week left to file their income tax returns (ITR) for AY 2024-25. The last date for filing income tax returns for these taxpayers is November 15.
The Income Tax Department recently issued a statement saying that this is the last week for taxpayers whose accounts are being audited or for a partner in a company whose accounts are being audited under section 44AB, or for companies not falling under section 92E of the Income Tax Act 1961. The last date on which they can file income tax returns is on or before November 15, 2024, the statement said.
It is worth noting that the last date for filing Income Tax Returns (ITR) for the taxpayers whose accounts need to be audited is October 31. This was recently extended by two weeks until November 15.
The last date is November 15 for the following taxpayers:
1. Whose accounts are being audited. This means that the company’s turnover is over ₹one crore (or ₹50 lakh for professionals).
2. Partner in a company whose accounts are audited under section 44AB. It includes individuals, HUFs and companies with cross-border gross receipts ₹1 crore in business or ₹50 lakhs on appeal.
3. Companies not covered by 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.
However, salaried taxpayers must file their income tax returns before July 31. This time, more than 7 crore tax returns were filed before July 31, 2024.
Meanwhile, in another news, over 9.54 lakh taxpayers with an income of ₹1 crore and above have filed their income tax (IT) returns till October 31, data on the income tax portal shows.
The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹The 1-crore club filed their tax returns in October. In the previous month i.e. September, this figure was 2,38,472.
In August and July, the corresponding data was 2,15,586 and 2,08,284. As many as 15,694 people filed their income tax returns in the first three months of this fiscal year.
