Form 56F Filing Deadline Extended: CBDT Grants Relief for AY 2024-25
In a significant relief to taxpayers, the Central Board of Direct Taxes (CBDT) has announced an extension for filing Form 56F under the Income-tax Act, 1961. This decision comes in response to challenges faced by taxpayers and stakeholders in complying with the original deadline.
Extension Details
Under Section 119(2)(b) of the Income-tax Act, the CBDT has extended the deadline for Assessment Year (AY) 2024-25. Previously aligned with the due date under Section 44AB, the filing deadline has now been moved to March 31, 2025.
Reason for Extension
The extension is primarily aimed at addressing difficulties encountered in submitting the accountant’s report required under Section 10AA(8) read with Section 10A(5). Recognizing the potential hardship this posed to taxpayers, the CBDT has taken proactive measures to ease compliance burdens.
Implementation and Impact
A circular was issued on February 18, 2025, to formally communicate the extension to relevant government departments. The circular has been sent to key officials and departments, including:
- PS to FM/OSD to FM/PS to MoS (R)/OSD to MoS(R)
- PS to Revenue Secretary
- Chairman, CBDT & All Members, CBDT
- All Principal Chief Commissioners of Income-tax / Principal Director Generals of Income-tax
- DGIT (Systems), New Delhi
- All Joint Secretaries/CsIT, CBDT
- Web Manager, O/o DGIT (Systems), with a request to upload the circular on the departmental website of gov.in
- Commissioner of Income-tax (Media & TP) and official Spokesperson, CBDT, New Delhi
- JCIT, Data-Base Cell for uploading on gov.in
- Guard File
Conclusion
With this extension, businesses and individuals now have additional time to fulfill their filing obligations without facing penalties. This decision reflects the government’s commitment to addressing taxpayers’ concerns and ensuring smoother compliance processes. The proactive approach of the CBDT in extending the due date highlights its dedication to facilitating tax compliance while mitigating undue hardship for stakeholders.
