CBDT issued an Order under section 119 of the Income-tax Act, 1961 (“the Act”) through Circular No. 18/2023 dated 20.10.2023 and extends the time limit for furnishing the report of accountant in Form No. 56F required to be filed under clause (8) of section 10AA read with clause (5) of section 10A of the Act for the assessment year 2023-24 to 31st December 2023.
In the Order, the Board has stated that on consideration of difficulties arising to the taxpayers and other stakeholders in timely filing of audit report in Form 56F, since the Form 56F was notified on 19.10.2023 and with a view to avoiding genuine hardships, the Board has extended the due date to 31st December 2023.
Section 10AA of the Act provides for a deduction of income tax for industrial undertakings established in Special Economic Zones (SEZs).
Section 10A(5) of the Act requires that the taxpayer must submit a report of an accountant to the income tax authorities in order to claim the deduction under section 10AA. The report of the accountant must certify that the taxpayer has fulfilled all the conditions for claiming the deduction and that the deduction is correctly claimed.
Form No. 56F is a new form introduced by the CBDT for the purpose of filing the report of the accountant under section 10AA(8) of the Act. The form requires the taxpayer to provide certain information, such as the name and address of the accountant, the date of the report, and the details of the deduction claimed.
Read the full text of CBDT Circular No. 18/2023 dated 20.10.2023 on Extension of Due Date to furnish Form 56F
Circular No. 18 of 2023
F.No. 370142/40/2023-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Dated the 20th October, 2023
Order under section 119 of the Income-tax Act
On consideration of difficulties arising to the taxpayers and other stakeholders in timely filing of report of accountant required to be filed under clause (8) of section 10AA read with clause (5) of section 10A of the Income -tax Act, 1961 on account of notification of relevant Form 56F on 19.10.2023 and with a view to avoid genuine hardship to such cases, the Central Board of Direct Taxes, in exercise of its powers under 119(2)(b) of the Income Tax Act, 1961, hereby extends the due date of filing of report of the accountant as required to be filed under clause (8) of section 10AA read with clause (5) of section 10A of the Act, for Assessment Year 2023-24 from the specified date under section 44AB to 31st of December, 2023.
(Amrit Pritom Chetia)
Under Secretary to the Govt. of India
Download CBDT Circular No. 18/2023 dated 20.10.2023 on Extension of Due Date to furnish Form 56F in PDF format
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