Before Diwali, the Central Board of Direct Taxes (CBDT) made a big announcement. The CBDT has extended the deadline for filing corporate income tax returns for assessment year 2024-25 (AY 2024-25). Now taxpayers can file ITR till November 15, 2024. Earlier its deadline was October 31, 2024.

Sandeep Jhunjhunwala, Nangia Andersen LLP Tax Partner, told news agency Bhasha that this extended period for filing tax returns will not apply to tax audit reports. Earlier in September, the CBDT had extended the last deadline for filing tax audit reports by 7 days to October 7.

Personal income tax collection increased by 294% in the last decade.

Let us tell you that India's direct tax collection has seen a big jump in the last decade. It has increased to Rs 19.60 lakh crore in the financial year 2023-24, which was Rs 6.95 lakh crore in the financial year 2014-15. The reason for the increase in direct tax collection is the increase in personal income tax. Personal income tax collection was Rs 2.65 lakh crore in the financial year 2014-15, which has increased to Rs 10.45 lakh crore in the financial year 2023-24. It has increased by 294.3 percent in the last decade. Corporate tax collection has increased by 112.85 percent to Rs 9.11 lakh crore in the last decade.