CBDT Extends Due Date for Filing Return of Income in the case of an assessee who is required to furnish a report referred to in section 92E, for AY 2024-25
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 an assessee who is required to furnish a audit report under section 92E, is the 30th day of November of the assessment year i.e. 30.11.2024 for the AY 2024-25.
Section 92E provides that every person who has entered into an international transaction or specified domestic transaction during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form duly signed and verified in the prescribed manner by a Chartered Accountant and setting forth such particulars as may be prescribed
The CBDT has issued Circular No. 18/2024 dated 30.11.2024 by which the due date, originally set as 30th November, 2024 for assessees covered under clause (aa) of Explanation 2 to sub-Section (1) of Section 139, has now been extended to 15th December, 2024.
- Merely twofold increase in share prices no reason to doubt or disbelieve the transaction
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- Appeal withdrawn against rejection u/s 12AB as assessee was availing benefit u/s 10(23C)(iiiad)
- When delay not mala fide, right of hearing on merit not to be rejected – ITAT
- Exemption u/s 54 allowed despite failure to deposit in Capital Gains Accounts Scheme
