Extension of Due Date for Filing Form 56F for AY 2024-25
The Central Board of Direct Taxes (CBDT) has extended the due date for filing the report of an accountant in Form 56F under the Income-tax Act, 1961. This extension has been provided to alleviate the difficulties faced by taxpayers and stakeholders in meeting the original deadline.
Background
As per the Income-tax Act, 1961, businesses operating in Special Economic Zones (SEZs) and claiming deductions under section 10AA are required to file a report of an accountant in Form 56F. This requirement is stipulated under sub-section (8) of section 10AA, read with sub-section (5) of section 10A of the Act.
Generally, the due date for filing this report is aligned with the specified date under section 44AB of the Act, which pertains to tax audits. However, considering the challenges reported by stakeholders, the CBDT has exercised its powers under section 119(2)(b) to grant relief by extending the due date.
New Due Date
The deadline for filing Form 56F for the Assessment Year (AY) 2024-25 has been extended from the originally specified date under section 44AB to March 31, 2025. This extension is officially notified through CBDT Circular No. 2/2025, dated February 18, 2025.
Implications of the Extension
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Additional Compliance Time: Businesses and professionals now have additional time to ensure proper filing and avoid penalties.
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Reduced Compliance Burden: The extension helps entities in SEZs streamline their documentation and reporting.
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Prevention of Last-minute Rush: By extending the deadline, the government aims to facilitate smooth compliance for taxpayers without unnecessary stress.
Official Notification
The official notification of this extension can be accessed through the Income Tax Department’s website and other government portals. The circular emphasizes the government’s commitment to addressing taxpayer concerns while ensuring regulatory compliance.
Conclusion
This extension provides much-needed relief to businesses and professionals who were struggling with the original filing deadlines. Taxpayers should take advantage of this extension to ensure accurate and timely submission of Form 56F to avoid any future complications.
For further updates, stay tuned to official notifications from the Income Tax Department.