The Central Board of Direct Taxes (CBDT) has extended the deadline for corporates to file income tax returns for the assessment year 2024-25 by 15 days, moving it from October 31 to November 15. This extension aims to ease filing during the festive season, allowing taxpayers to prioritize accuracy and compliance.
A recent SBI report highlighted that the contribution of direct taxes to total tax revenue has risen to 56.7% for AY24, the highest in 14 years. The total number of income tax returns (ITRs) filed by July 31, 2024, exceeded 7.28 crore, a 7.5% increase from the previous year.
Notably, around 72% of taxpayers opted for the new tax regime this year, with 5.27 crore ITRs filed under it compared to 2.01 crore under the old regime.
