CBDT Extends Deadline for Filing Form No. 56F Until March 31, 2025 [Read Circular]

The Central Board of Direct Taxes ( CBDT ) under the Ministry of Finance issued Circular No. 2/2025 dated February 18, 2025, announcing an extension of the due date for filing Form No. 56F under the Income Tax Act, 1961. The Central Board of Direct Taxes ( CBDT ) has granted this relief in response to difficulties faced by taxpayers and stakeholders in submitting the required accountant’s report under Section 10AA(8) read with Section 10A(5) of the Act.

As per the notification, the deadline for filing Form 56F for Assessment Year 2024-25 has been extended to March 31, 2025, instead of the previously specified date under Section 44AB of the Income-tax Act. This form is important for businesses, particularly those operating in Special Economic Zones (SEZs) and those claiming tax benefits under Section 10A, which provides incentives for software technology parks and export-oriented units.

Know Practical Aspects of Tax Planning, Click Here

The decision was made under Section 119(2)(b) of the Income Tax Act to avoid genuine hardship for taxpayers who could not meet the original deadline. The extension is expected to benefit businesses seeking tax exemptions and deductions, providing them with additional time to comply with regulatory requirements without facing penalties.

The circular has been uploaded on the Income Tax Department’s website, and all Principal Chief Commissioners of Income Tax, Principal Director Generals, and other tax officials have been notified accordingly.

To Read the full text of the Circular CLICK HERE

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates