The Central Board of Direct Taxes (CBDT) announced on Saturday that the deadline for income tax return filing has been extended. The authorities said that the taxpayers will be provided additional time to submit their income tax returns.
This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E, reported The Economic Times. The deadline will mostly be applicable to entities involved in international or certain domestic transactions.
The new deadline for the taxpayers for FY2023-24 (AY 2024-25) is December 15, 2024. The earlier tax deadline was November 30, 2024.
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
➡️The due date for the assessees referred to in clause (aa) of Explanation 2 to Sub Section (1) of Section 139 has been extended from 30th November, 2024, to 15th December, 2024.
➡️ Circular No.… pic.twitter.com/4umO91ELAQ
— Income Tax India (@IncomeTaxIndia) November 30, 2024
In an official release dated November 30, 2024, the tax authorities said, “The due date for furnishing the return of income u/s 139 (1) of the Income-tax Act, 1961 (the Act) in the case of assessee who is required to furnish a report referred in Section 92E is the 30th day of November of the assessment year i.e. 30.11.2024 for the AY 2024-25. The due date, originally set as 30th November 2024, for assesses covered under clause (aa) of the Explanation 2 to sub-section (1) of Section 139, has now been extended to 15th December 2024 by CBDT circular no 18/2024.”
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Section 92E is applicable to transactions meeting some criteria such as acquiring, selling, or leasing tangle or intangible property, business transactions resulting in income, losses, gains, profits, lending or borrowing of money, etc.
Any organisations involved in certain domestic/international transactions in a fiscal year are needed to get a report from a qualified chartered accountant. This report needs to be submitted to the tax authorities via Form 3CEB.
