Extension of deadline for Section 92E returns
India’s Central Bureau of Direct Taxes (CBDT) has announced an extension of the deadline for filing income tax returns for taxpayers required to file Transfer Pricing Reports under Section 92E of the Income Tax Act. This change seeks to provide more time for taxpayers to comply with their tax obligations.
New deadline for compliance
The new deadline for filing the income tax return in these cases will be until December 15, 2024, thus extending the deadline by 15 with respect to the original due date (November 30, 2024). This extension applies specifically to taxpayers required to file the Transfer Pricing Audit Form, in an effort to ensure more efficient and organized compliance.
Impact for businesses
The deadline extension allows multinational companies and affected taxpayers to better prepare their reports and comply with local regulations. This change is particularly relevant for those facing complex data collection and validation processes to comply with the reporting requirements required by the local tax authority.
Final Reflection
The CBDT measure reflects a proactive approach to supporting taxpayers while ensuring tax compliance. This flexibility contributes to improving the relationship between tax authorities and businesses, promoting greater transparency in the tax system.
Source: TaxScan
