ITR filing deadline for these taxpayers extended to December 15

The Central Board of Direct Taxes (CBDT) has announced an extension for taxpayers involved in international transactions or specified domestic transactions who are required to file reports under Section 92E of the Income-tax Act.

The deadline for filing Income Tax Returns (ITR) for these assessees has been extended by 15 days.

Originally set for November 30, 2024, the new filing deadline is now December 15, 2024, for the Financial Year 2023-24 (Assessment Year 2024-25).

Who needs to file?

Taxpayers who engage in international or specified domestic transactions and are required to furnish a report under Section 92E of the Income-tax Act are affected by this extension.

These assessees are mandated to submit detailed documentation about their international transactions to ensure compliance with transfer pricing regulations.

The total value of these transactions carried out by the taxpayer cannot exceed ₹20 crore.

If this threshold is exceeded, taxpayers must comply with transfer pricing rules.

As per income tax regulations, businesses that do not submit their chartered accountant’s report by the October 31 deadline will incur a penalty of ₹1 lakh.