Deadline Extension for Reporting under Section 92E
The CBDT (Central Bureau of Direct Taxes) of India has announced an extension of the deadline for filing income tax returns for taxpayers required to report transfer prices under Section 92E of the Income Tax Act for compliance with their tax obligations.
New Deadline for Compliance
The new deadline for filing the income tax return in these cases will be December 15, 2024, thus extending the deadline by 15 regarding the initial due date (November 30, 2024). This extension applies to taxpayers who must file the Transfer Pricing audit form to ensure more efficient and organized compliance.
Effects on Businesses
The deadline extension allows multinational companies and concerned taxpayers to prepare their reports better and comply with local regulations. This amendment is particularly relevant for those facing complex data collection and validation processes to comply with the information requirements needed by the local tax authority.
Conclusion
The CBDT measure reflects a proactive approach to supporting taxpayers while ensuring tax compliance. This flexibility reinforces improving the relations between tax authorities and businesses, promoting greater transparency in the tax system.
Source: TaxScan
