Thursday, January 2, 2025

Nirmala Sitharaman delivers new year gifts to income taxpayers, many deadlines extended for taxpayers - Nirmala Sitharaman delivers new year gifts to income taxpayers, government extends many deadlines


Finance Minister Nirmala Sitharaman has given gifts to taxpayers before the beginning of New Year 2025. Actually, the Finance Minister has extended many deadlines for taxpayers. This has given taxpayers ample time to celebrate the New Year with family members and friends without any worries. Let us know which deadlines have been extended by Nirmala Sitharaman for taxpayers.

1. Billed/Revised Income Tax Return

The Income Tax Department has extended the deadline for filing belated/revised income tax returns for resident individual taxpayers. Its deadline was December 31, 2024. This has been extended to January 15, 2025.

2. Direct Tax Vivad Se Vishwas Scheme (DTSVS) 2024

The deadline of this scheme has been extended to January 31, 2025. This has given additional time to taxpayers to settle their disputes related to income tax. The government has started this scheme to reduce the cases of disputes related to income tax.

3. Corporate Social Responsibility (CSR) 2024

The Ministry of Corporate Affairs has extended the deadline for filing Form CSR-2. Companies falling under the Corporate Social Responsibility rules of the Companies Act, 2013 are required to file Form CSR-2. Now the deadline for this has been extended to March 31, 2025. This has brought a lot of relief to the companies.

However, the Income Tax Department has not fulfilled all the demands of taxpayers and chartered accountants for extending the deadline. Many deadlines have not been extended beyond December 31, 2024.

GST Under this, the deadline for filing GSTR-9 and GSTR-9C has not been extended. This has disappointed a large number of GST taxpayers.

Also read: Income Tax: Why are companies asking for tax-savings proof from employees, what will happen if the proof is not given?

Income Tax Department has not extended the deadline for filing income tax returns for firms, companies, societies, NGOs etc. The deadline has not been extended for NRIs. If they have not filed or revised the income tax return by December 31, 2024, then they will have to file an updated return and will have to pay a penalty to the government in the form of additional tax.

(The author is a CA. He is also an expert in matters related to personal finance, especially income tax)

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