CBDT Extended Date for filing form 56F for AY 2024-25
Due date of filing of report of the accountant in Form 56F 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 has been extended from the specified date under section 44AB of the Act to 31.03.2025 vide CBDT Circular No. 2/2025 dated Feb. 18th, 2025. [F.No. 300173/1112025-ITA-I ]
Form 56F is specifically required from taxpayers who are claiming deductions under Section 10AA of the Income-tax Act, 1961. This section pertains to Special Economic Zones (SEZs).
Here’s a breakdown of who needs to file it:
- Units in Special Economic Zones (SEZs):
- Businesses operating units within SEZs and claiming deductions under Section 10AA are mandated to obtain and file Form 56F.
- Accountant’s Report:
- This form is a report from a chartered accountant, certifying the correctness of the deduction claimed under Section 10AA.
- Purpose:
- The purpose of Form 56F is to ensure that the deductions claimed by SEZ units are legitimate and in compliance with the provisions of the Income-tax Act.
In simpler terms, if your business has an operational unit in an SEZ and you’re taking advantage of the tax benefits offered under Section 10AA, you’ll need to have a chartered accountant complete and file Form 56F.
Here’s a breakdown of the CBDT’s extension of the Form 56F filing date:
- Form 56F Purpose:
- Form 56F is a report from an accountant required under specific sections of the Income-tax Act, 1961, particularly concerning sections 10AA and 10A.
- Extension Details:
- The Central Board of Direct Taxes (CBDT) has issued Circular No. 2/2025, dated February 18, 2025.
- This circular extends the due date for filing Form 56F for the Assessment Year (AY) 2024-25.
- The new due date is March 31, 2025.
- Previously the due date was conected to the due date under section 44AB of the Income tax act.
- Reason for Extension:
- The extension was granted due to reported difficulties faced by taxpayers and stakeholders in meeting the original filing deadline.
- The extension is designed to prevent genuine hardship to those required to file this form.
- Legal Basis:
- The CBDT issued this extension under section 119(2)(b) of the Income-tax Act, 1961, which allows for such extensions to alleviate genuine hardship.
In essence, the CBDT has provided taxpayers with additional time to file Form 56F for AY 2024-25, moving the deadline to March 31, 2025.