ITR filing deadline for FY 2023-24 (AY 2024-25) extended: The income tax department has extended the income tax return (ITR) filing for FY 2023-24 (AY 2024-25) deadline for taxpayers having specified and international transactions to December 15, 2024, from November 30, 2024

ITR filing deadline for FY 2023-24 extended to December 15, 2024 for these taxpayers The extension will help the taxpayers to avoid the penalty of belated ITR filing

The Central Board of Direct Taxes (CBDT) has announced that the income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E. The ITR filing deadline extension will mostly be applicable to entities taking part in international or specified domestic transactions. The ITR filing deadline for these taxpayers has been extended by 15 days from November 30, 2024, to December 15, 2024, for FY 2023-24 (AY 2024-25).

According to the press release: The due date for furnishing the return of income u/s 139 (1) of the Income-tax Act, 1961 (the Act) in the case of assessee who is required to furnish a report referred in Section 92E is the 30th day of November of the assessment year i.e. 30.11.2024 for the AY 2024-25. The due date, originally set as 30th November 2024, for assesses covered under clause (aa) of the Explanation 2 to sub-section (1) of Section 139, has now been extended to 15th December 2024 by CBDT circular no 18/2024.

— IncomeTaxIndia (@IncomeTaxIndia)

The CBDT issued the press release on November 30, 2024.

Who is required to file report under Section 92E?

Entities involved in specified domestic and/or international transactions in any financial year are required to obtain a report from a chartered accountant. This report has to be submitted to the income tax department by October 31 via Form 3CEB.

Section 92E will be applicable on the transactions which meet certain specified criteria.

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For instance transactions such as buying, selling or leasing tangible or intangible property, business transactions leading to income, profits, losses or gains, lending or borrowing of money etc.

The aggregate of such transactions done by the assessee must not exceed Rs 20 crore. If the threshold limit is crossed, then transfer pricing rules must be complied with by the taxpayers.

Penalty for not filing report under Section 92E

According to income tax laws, a penalty of Rs 1 lakh is levied on the entities who fail to file the report of the chartered accountant by the October 31 due date.

This story originally appeared on: India Times - Author:Faqs of Insurances