As a relief to taxpayers, the Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the return of income under Section 139(1) of the Income-tax Act, 1961, for assessees required to furnish a report under Section 92E. The deadline, initially set for November 30, 2024, has been extended to December 15, 2024.
The extension, announced through CBDT Circular No. 18/2024 dated November 30, 2024 (F.No.225/205/2024/ITA-II), provides additional time for entities engaged in international or specified domestic transactions, as governed by Section 92E, to comply with their filing obligations.
This decision aims to ease the compliance burden on taxpayers and tax consultants, allowing for better accuracy in returns involving transfer pricing documentation.
The circular is available for detailed reference on the official Income Tax Department website: www.incometaxindia.gov.in.
Taxpayers and professionals are advised to utilize this extension to ensure timely and accurate submission of their returns.
