CBDT Extends Income Tax Return Deadline for International Transactions

The Central Board of Direct Taxes (CBDT) has extended the deadline for income tax returns for taxpayers with international transactions to December 15, 2024. This move affects individuals required to submit information under Section 92E. The CBDT emphasizes accurate reporting of foreign income and assets in ITRs.

The Central Board of Direct Taxes (CBDT) announced on Saturday that it is extending the deadline for filing income tax returns for taxpayers involved in international transactions. The new deadline, pushed by 15 days, is now set for December 15, 2024, for those required to submit documentation under Section 92E.

Speaking on November 24, the CBDT underscored the importance of precise reporting of foreign income and assets in Income Tax Returns (ITRs). The department also published a special edition of 'Samvad' to enhance awareness regarding disclosure requirements for foreign assets and income.

Commissioner (Investigation) Shashi Bhushan Shukla explained the obligation for Indian residents to declare foreign assets, including real estate and financial holdings. He noted the rule also applies to returning NRIs and foreign nationals who become residents. All derived income from foreign assets must be duly reported, ensuring compliance with tax obligations.

(With inputs from agencies.)