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December 2024

Regulatory Referencer

By Pramod Prabhudesai | Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 10 mins

I. DIRECT TAX: SPOTLIGHT

1. Extension of due date for filing return of income for the Assessment Year 2024–25 - Circular No. 13/2024 dated 26th October 2024

CBDT has extended the due date for filing the tax returns for Assessment year 2024-25, which was 31st October, 2024, to 15th November, 2024.

2. Condonation of delay under section 119(2)(b) of the Act for returns of income claiming deduction under section 8OP of the Act for Assessment Year 2023-24 - Circular No. 14/2024 dated 30th October, 2024.

CBDT had received applications from co-operative societies seeking condonation of delay for filing returns of income, citing delays in getting accounts audited under respective State Laws.

CBDT had issued a circular No. 13/2023 dated 26th July, 2023 to provide for a condonation process for tax returns filed of A.Y. 2022–23 to avoid genuine hardship to co-op societies claiming deduction under section 80P of the Act. CBDT has extended the applicability of the said circular for A.Y. 2023–24.

3. Fixing monetary limits for the income-tax authorities for reduction or waiver of interest paid or payable under section 220(2) of the Act - Circular No. 15/2024 dated 4th November, 2024

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