The due date for filing returns under section 139(1) of the Income Tax Act, 1961 has been extended from 31st October, 2024 to 15th November, 2024 for below classes of taxpayers referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act. As per Explanation 2 to Section 139(1) of Income Tax Act, 1961:

(a) Corporate-assessee; or

(b) Non-corporate assessee whose books of account are required to be audited under Income Tax Act or any other law for the time being in force; or                                         

(c)Partner of a firm whose accounts ]are required to be audited under Income Tax Act or any other law for the time being in force or the spouse of such partner if the provisions of section 5A (Apportionment of Income between spouses governed by the Portuguese Civil Code) applies to such spouse. Refer CBDT Circular No. 13/2024 dated 26th October, 2024.

CBDT  vide Order u/s 119 dated 07th October, 2024 has further extended the due date to file audit report in correct Form 10B/10BB as applicable for A.Y. 2023-24 to 10th November, 2024 from 31st March, 2024 for those taxpayers who have filed Form 10B/10BB till 31st October, 2023 but filed Form 10B instead of Form 10BB and vice-versa.

Refer Order

In exercise of the powers conferred under Rule 8 of The Direct Tax Vivad Se Vishwas Rules, 2024, the Director General of Income Tax (Systems), Bengaluru, lays down the Procedure for making declaration and furnishing undertaking in Form-1 under Rule 4 of The Direct Taxes Vivad Se Vishwas Rules, 2024 vide Notification No. 4 of 2024 dated 30.09.2024. Click here to download.

Direct Tax Vivad se Vishwas Scheme, 2024

Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024 circulated vide CBDT Circular no. 12/2024 dated 15th October, 2024. Click here to download.

As per Explanation 2 to Section 139(1) of Income Tax Act, 1961, below classes of taxpayers must file their return on or before 31 October,2024:

(a) Corporate-assessee; or

(b) Non-corporate assessee whose books of account are required to be audited under Income Tax Act or any other law for the time being in force; or                                         

(c)Partner of a firm whose accounts are required to be audited under Income Tax Act or any other law for the time being in force or the spouse of such partner if the provisions of section 5A (Apportionment of Income between spouses governed by the Portuguese Civil Code) applies to such spouse.

Form 1 of DTVSV 2024 is now available for online filing.  For details please refer Notification No. 104/2024, F. No. 370142/16/2024-TPL dated 20 September 2024.

Notification

Due date of filing of audit report u/s 139(1) of Income Tax Act, 1961 has been extended from 30th September, 2024 to 07th October, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, 1961. Please refer to CBDT Circular no. 10/2024 dated 29th Sept. 2024.

Notice Inviting Tender for (NIT) for Selection of Managed Service Provider (MSP) for PAN 2.0 Project of Income Tax Department.

Excel Utility of ITR-7 for AY 2024-25 is now available for filing. Click here to download.

The list of banks available for e-Pay Tax service at e-Filing portal.