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.
- Related party transaction u/s 40A(2) shall be treated as bona fide, unless evading tax
- ‘Transfer of property’ not include ‘acquiring’ of property or ‘purchasing’ of property – ITAT
- AO was not justified in questioning cash withdrawals from bank account – ITAT
- Return/Balance sheet filed within limitation extended by SC to be considered within time
- Satisfaction Note u/s 153C – term immediate cannot be extended to unreasonable delay
