Income Tax News: CBDT Extends Deadline for Income Tax Return Filing for AY 2024-25

Income Tax News: The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for Assessment Year 2024-25.

Revised Due Date for Specific Assessees

As per Circular No. 18/2024, issued on 30th November 2024, the deadline for assessees required to furnish a report under Section 92E of the Income-tax Act, 1961, has been extended from 30th November 2024 to 15th December 2024.

Applicability and Access

This extension applies to taxpayers covered under clause (aa) of Explanation 2 to Sub-Section (1) of Section 139. The official circular is available for reference on the Income Tax Department’s website: www.incometaxindia.gov.in.

Official Statement

The announcement was made by V. Rajitha, Commissioner of Income Tax (Media & Technical Policy) and Official Spokesperson of the CBDT, emphasizing the department's commitment to facilitating compliance for taxpayers.

Relief for Taxpayers and Professionals

The extension provides much-needed relief to taxpayers and tax professionals managing complex compliance requirements under Section 92E, which pertains to the transfer pricing regulations. With the new deadline, businesses and professionals have additional time to ensure accurate reporting and adherence to statutory obligations.

Ensuring Compliance Amid Deadlines

This decision reflects CBDT’s proactive approach in addressing concerns about the tight timelines often faced by entities dealing with international transactions or specified domestic transactions. The extension aims to reduce last-minute errors and ensure thorough compliance with tax regulations.

Encouraging Voluntary Compliance

By extending the deadline, CBDT seeks to foster voluntary compliance and improve taxpayer experience. The additional time enables a smoother filing process, reinforcing the government’s commitment to simplifying tax compliance in India.

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