The deadline for individuals and companies requiring a tax audit to file their Income Tax Returns (ITR) for the financial year 2024-25 is November 15, 2024. Previously set for October 31, 2024, the deadline was extended to November 15, with no additional extensions anticipated.

Since this ITR submission is closely tied to the tax audit report, which must be completed before filing, taxpayers are advised to submit it on time.

Who Needs to File by November 15?

According to Prakash Hegde, a chartered accountant, the following types of taxpayers are required to file their ITR by November 15:

1. Companies – Indian and foreign.
2. Taxpayers with Audited Accounts – Those required to undergo an audit under various laws like the Income Tax Act, LLP Act, or Co-Operative Societies Act.
3. Partners of Audited Firms – Those whose firm accounts are audited under any applicable law.

Consequences of Missing the November 15 Deadline

If taxpayers miss this deadline, they can still file a belated return by December 31, 2024, but must pay a penalty ranging from ₹1,000 to ₹5,000 based on taxable income. Interest charges under Sections 234A and 234B may apply, and the ability to carry forward losses from the current financial year will be forfeited.

Special Cases: Transfer Pricing

Taxpayers involved in international or specified domestic transactions have until November 30 to file their ITR, and a transfer pricing audit report in Form 3CEB must be filed by October 31, 2024. Failure to file may incur a penalty of ₹1 lakh plus 2% of the transaction value for related-party international transactions. Missing the November 30 deadline will also prevent these taxpayers from carrying forward losses for FY 2023-24.