[Breaking] CBDT Extends ITR Due Date for Transfer Pricing Report Filers under Section 92E: Check New Date Here [Read Circular]

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 Assessment Year (AY) 2024-25 from November 30th to December 15.

This extension applies to taxpayers who are required to submit a report under Section 92E of the Act, which pertains to transfer pricing documentation for international and specified domestic transactions.

Initially, the due date for these taxpayers was set as November 30, 2024, in line with clause (aa) of Explanation 2 to sub-section (1) of Section 139. However, through CBDT Circular No. 18/2024, issued under file number F.No.225/205/2024/ITA-II dated November 30, 2024, the deadline has now been extended by 15 days.

Taxpayers falling under this category can file their returns by December 15, 2024, providing additional time to comply with the reporting requirements.

This move by the CBDT comes as a relief for entities that must prepare detailed reports under Section 92E, ensuring accurate and comprehensive reporting of transfer pricing information.

Taxpayers and practitioners are encouraged to make use of this extended window to ensure proper compliance with the requirements of the Income Tax Act. By extending the due date, the CBDT has provided an opportunity for taxpayers to meet their obligations without pressure, while ensuring that the statutory requirements are fulfilled.

To Read the full text of the Circular CLICK HERE

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