CBDT Extends ITR Filing Deadline for AY 2024-25 Under Section 92E
The Central Board of Direct Taxes (CBDT), through Circular No. 18/2024 dated November 30, 2024, has announced an extension for the due date of filing Income Tax Returns (ITR) under Section 139(1) for Assessment Year 2024-25. This applies to taxpayers required to furnish a report under Section 92E concerning transfer pricing.
Revised Deadline:
Original Due Date: November 30, 2024
Extended Due Date: December 15, 2024
Applicability:
The extension benefits:
- Assessees involved in international transactions or specified domestic transactions requiring a report under Section 92E.
- Partners of firms or their spouses (under Section 5A provisions) who are also subject to transfer pricing compliance.
Legal Context:
- Section 139(1): Specifies the due dates for filing ITR for various categories of taxpayers.
Clause (aa) sets November 30 as the due date for taxpayers under Section 92E compliance.
- Section 92E: Mandates obtaining and filing a report from a chartered accountant for international or specified domestic transactions within the prescribed time.
Implications:
Provides additional 15 days for taxpayers to comply with ITR filing requirements, ensuring accurate reporting and adherence to transfer pricing norms.
Reflects the CBDT’s intent to ease compliance burdens on taxpayers engaging in complex transactions.
Takeaway:
Taxpayers subject to transfer pricing provisions should utilize the extended timeline for accurate filing and avoid penalties. Ensure the report under Section 92E is duly signed, verified, and submitted in the prescribed format.
