The Central Board of Direct Taxes (CBDT) has extended the due date for filing Income Tax Returns (ITRs) for certain taxpayers for the Assessment Year (AY) 2024-25. This extension provides much-needed relief for assessees who are required to furnish reports under Section 92E of the Income Tax Act, 1961.
Key Highlights:
- Previous Deadline: The original due date was 30th November 2024.
- New Deadline: The due date has now been extended to 15th December 2024.
- Applicability: This extension is specifically for assessees covered under clause (aa) of Explanation 2 to sub-section (1) of Section 139 of the Income Tax Act.
- Official Circular: The extension was announced through CBDT Circular No. 18/2024 dated 30th November 2024.
What is Section 92E?
Section 92E of the Income Tax Act mandates that taxpayers involved in international or specified domestic transactions must obtain and furnish a report from an accountant. This report ensures that transactions comply with transfer pricing regulations, preventing tax avoidance.
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