Income Tax Update: Deadline of ITR Filing for Transfer Pricing Cases Extended to 15th December 2024

ITR filing due date extended from 30.11.2024 to 15.12.2024

The Central Board of Direct Taxes (CBDT) has issued Circular No. 18/2024 dated 30th November 2024, extending the deadline for filing Income Tax Returns for taxpayers required to furnish a report under Section 92E of the act.

Key Points:

1. Extended Deadline:
   • The due date for filing returns is now 15th December 2024, revised from the earlier date of 30th November 2024.
2. Who is Covered:
   • Taxpayers involved in international transactions or specified domestic transactions, who must submit Form 3CEB, certified by a Chartered Accountant.
3. Reason for Extension:
   • To facilitate taxpayers in meeting compliance requirements related to transfer pricing provisions, ensuring accuracy in reporting and filing.

This extension offers significant relief for businesses and professionals handling complex cross-border or specified domestic transactions, allowing them additional time for meticulous compliance.

Ensure Timely Compliance to Avoid Penalties!

The Act above refers to the Income-tax Act, 1961