CBDT notifies Extension of Due Date for Filing of Form 56F [Read Circular]

The Central Board of Direct Taxes (CBDT) has notified the extension of the due date for filing Form No. 56F under the Income Tax Act of 1961. The tax department notified this via issuing a Circular.

According to the notification, the deadline for filing Form 56F for Assessment Year 2024-25 has been extended to 31st March 2025, rather than the previously set date under Section 44AB of the Income Tax Act.

Form 56F is essential for businesses, particularly those operating in Special Economic Zones (SEZs) and seeking tax benefits under Section 10A, which provides incentives for software technology parks and export-oriented units.

The decision was made under Section 119(2)(b) of the Income Tax Act to prevent actual hardship for taxpayers who were unable to meet the initial deadline. The extension is anticipated to benefit businesses seeking tax exemptions and deductions by giving them more time to comply with regulatory standards without incurring penalties.

The Circular Read as Follows:

On consideration of difficulties reported by the taxpayers and other stakeholders in timely filing of report of accountant required to be filed under sub-section (8) of section 10AA read with sub-section (5) of section 10A of the Income-tax Act, 1961 (‘the Act’) and with a view to avoid genuine hardship to such cases, the Central Board of Direct taxes, in exercise of its powers under section 119(2)(b) of the Income Tax Act, 1961, hereby extends the due date of filing of report of the accountant as required to be filed under sub-section (8) of section 10AA read with sub-section (5) of section 10A of the Act, for Assessment year 2024-25 from the specified date under section 44AB of the Act to 31.03.2025.

For Official Circular Download PDF Given Below: