The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns to December 15, 2024, for the financial year 2023-24 (assessment year 2024-25). This extension applies to taxpayers engaged in international transactions or specified domestic transactions requiring reports under Section 92E of the Income-tax Act, 1961.

Meanwhile, for those obligated to file a report under Section 92E, the due date for filing returns under Section 139(1) remains November 30, 2024. Adding further, the extension has been granted to taxpayers falling under clause (aa) of Explanation 2 to sub-section (1) of Section 139, pushing the deadline to 15th December 2024.  

According to income tax laws, a penalty of Rs 1 lakh is levied on the entities who fail to file the report of the chartered accountant by the October 31 due date. 

Eligibility Criteria For Filing Reports Under Section 92E 

The Entities involved in specific domestic or international transactions during a financial year must file a report from a chartered accountant with the income tax department by October 31 using Form 3CEB. 

Meanwhile, Section 92E covers transactions like buying, selling, or leasing tangible or intangible assets, business dealings involving income, profits, or losses, and money lending or borrowing. If the total value of these transactions exceeds Rs 20 crore, transfer pricing regulations apply.