Income-Tax Returns: CBDT Extends Date For Filing ITR For AY 2024-25

The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing and filing of returns of income for assessment year 2024-25. Taxpayers who were filing reports under Section 92E of the Income Tax Act, 1961, now get to submit them by 15th December 2024, which pushes the earlier deadline that was 30th November 2024. This is to give some relief to international or specified domestic transactions taxpayers whose time is needed to produce better and more accurate reporting and compliance.

Who will benefit from this extension

This relief is also available to taxpayers who have cross-border or related-party transactions that call for a report by a chartered accountant under Section 92E. Such transactions include property, intangibles transfer, or loaning and borrowing of money between related parties. The taxpayers who are mandated to furnish Form 3CEB with regard to such transactions are benefited under this relief. This is also an admission by the government that compliance standards for such cases would be quite complicated.

Reason for the Extension

The CBDT extends the ITR deadlines most of the time to solve the problems it faces from taxpayers. This is one such measure to eliminate procedural complications and ensure that tax reports are submitted accurately by taxpayers. More time will help curb penalties and interest charges resulting from delays in filing for taxes and help taxpayers understand their compliance more. It adds up to the aim of doing business that the government has devised to find an easier and less hassle method to allow tax process for any person who faces stern compliance mechanisms.

Tax Filers Dates

The dates for the majority of others are the same as they were previously mentioned, the submission date of tax audit reports would be the same as of those under audit mandate which is 31st October 2024. Late Returns As per Section 139(4) the late returns may be submitted by 31st December 2024 with penalty. Those who are rectifying errors in ITR may submit the revised return as provided in Section 139(5) by 31st December 2024. Under section 92E, taxpayers are liable to file as per due dates for their original filers without incurring any penalty.

Importance of filing within the Prescribed Timelines

Due to time filing, returns are not filed with last-minute rushes, therefore less chance of errors will exist and further saves from delays at processing, fast refund as well as avoiding provisions of interests and fees under Sections 234A and 234F of the Act. This new date will carry an opportunity available for making adjustments in the future that goes against taxpayers who might fail within the new date and so the important planning.

CBDT decides to extend the ITR filing deadline until 15th December, 2024. Much relief to those taxpayers filing international transactions. It is also reflective of the fact that tax department people do not intend to completely balance procedural ease with more compliance. This longer time frame should be an opportunity for taxpayers to actually generate quality results to complete all filings perfectly, up to Section 92E requirements. This would also mean they avoid paying for excess penalties and interest on those deadlines. It keeps the tax regime relatively efficient.