📢 Income Tax Alert: CBDT Extends Due Date for AY 2024-25 ITR Filing
If you’re among the assessees required to furnish a report under Section 92E of the Income Tax Act, here’s good news! The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITR) for Assessment Year 2024-25. Originally set for 30th November 2024, the new due date is now 15th December 2024, as per Circular No. 18/2024 issued on 30th November 2024.
This extension provides much-needed relief to taxpayers and businesses managing international transactions or specified domestic transactions, as detailed under Section 92E. ITR Due Date Extension
🔍 What is Section 92E of the Income Tax Act?
Section 92E mandates assessees involved in international transactions or specified domestic transactions to submit a transfer pricing report certified by a Chartered Accountant (Form 3CEB) before filing their ITR. The compliance ensures that these transactions adhere to arm’s length pricing standards, as stipulated under the Act.
🔑 Key Details of the Extension
- Who Benefits?
- Taxpayers required to furnish reports under Section 92E.
- Entities dealing with cross-border or specified domestic transactions.
- Old vs. New Deadline:
- Previous Deadline: 30th November 2024.
- New Deadline: 15th December 2024.
- Official Reference:
- Circular No. 18/2024, dated 30th November 2024.
- Access the Circular:
- Visit the official Income Tax website: incometaxindia.gov.in.
🧐 Why Was the ITR Due Date Extension?
This decision reflects the government’s understanding of taxpayers’ challenges in meeting compliance deadlines. Several factors, such as increased complexity in transfer pricing documentation and the need for audits, may have influenced this extension. By granting additional time, the CBDT ensures taxpayers can file accurate and error-free returns.
💡 Tips for Compliance Before the New Deadline
- Prepare Form 3CEB Early:
Coordinate with your Chartered Accountant to get the transfer pricing report ready. - Review International Transactions:
Ensure all cross-border and domestic transactions adhere to arm’s length standards. - Use E-filing Tools:
Platforms like Efiletax simplify the filing process, ensuring compliance with minimal hassle. - Monitor Updates:
Keep an eye on further notifications from CBDT or your tax consultant.
🌟 Importance of Filing ITR on Time
Filing your ITR within the prescribed due date avoids penalties and ensures compliance with Indian tax laws. Delays in filing may lead to:
- Interest Penalty: Under Section 234A for late filing.
- Ineligibility for Carrying Forward Losses: Losses under certain heads cannot be carried forward unless the return is filed on time.
- Scrutiny Risk: Higher chances of your ITR being flagged for assessment.
Final Thoughts
This extension of the ITR filing deadline for AY 2024-25 reflects the government’s proactive approach in accommodating taxpayers’ needs. Take this opportunity to review your transactions, prepare necessary reports, and file your return accurately.
Platforms like Efiletax offer expert guidance for seamless compliance, ensuring you meet all requirements without last-minute stress.
“Tax compliance is not just a duty; it’s an investment in your peace of mind.”
Let us know in the comments below: Have you completed your ITR filing yet? 🚀
