CBDT Circular No. 18/2023: Due Date of Filing Extended to 31 December 2023 for Form 56F

CBDT Circular No. 18/2023- Due date extended

In a move to alleviate the challenges faced by the taxpayers and other stakeholders, the Central Board of Direct Taxes (CBDT) has extended the due date for filing the Report of Accountant (Form 56F) for Assessment Year 2023-24. This extension comes as a response to the difficulties encountered by taxpayers due to the recent insertion of Form 56F vide its notification no. 91/2023 on October 19, 2023.

The report of the accountant is a crucial document required under clause (8) of section 10AA read with clause (5) of section 10A of the Income Tax Act, 1961. For this purpose a new form (Form-56F) was inserted in the Income Tax Rules for furnishing the report of an Accountant which is required to be furnished by an exporter in Special Economic Zone (SEZ) for claiming deduction under section 10AA of the Income Tax Act. This step of extending due date of furnishing this report has been taken to prevent genuine hardships for taxpayers and businesses and ensure compliance with the Income Tax Act.

The CBDT, exercising its powers under section 119(2)(b) of the Income Tax Act, 1961, has pushed the original due date specified under section 44AB to the new deadline of December 31, 2023. This extension provides much-needed relief to those struggling to meet the initial filing deadline.

With this extension, taxpayers now have until the end of the year to ensure that they accurately complete and submit Form 56F, thereby allowing for a smoother and more manageable tax filing process for Assessment Year 2023-24. This move is aimed at easing the burden on taxpayers and enhancing overall tax compliance of the exporters in the Special Economic Zone (SEZ) who are required to furnish form 56F for claiming exemption.

In summary, the CBDT’s decision to extend the due date for filing the Report of Accountant (Form 56F) is a proactive step to support taxpayers and businesses in fulfilling their obligations while minimizing any undue challenges. The extended deadline of December 31, 2023, provides taxpayers with the necessary time to comply with the Income Tax Act.

To Read & Download the CBDT Circular No. 18/2023 CLICK HERE

To Read & Download the CBDT Notification No. 91/2023 CLICK HERE

To Read & Download the CBDT Notification No. 89/2023 CLICK HERE

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