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ITR filing: CBDT extends deadline for filing belated, revised income tax return for AY 2024-25 by...
Taxpayers who file ITR after the deadline are fined Rs 5,000. For taxpayers with an income less than Rs 5 lakh, this penalty amount is Rs 1,000.
Updated : Dec 31, 2024, 04:01 PM IST
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The Income Tax Department has extended the deadline for filing belated and revised Income Tax Returns (ITRs) for the assessment year (AY) 2024-25 for resident individuals. The last date for filing an ITR for the financial year 2023-24 was July 31. For those who could not, the time for filing a revised ITR with late fees was December 31. But now, the Central Board of Direct Taxes (CBDT) has extended this deadline by 15 days to January 15.
The I-T department has urged taxpayers to make use of this extended time to ensure accurate and complete filing of their returns. Individuals should verify their Form 26AS and other relevant documents to avoid any discrepancies when filing. Taxpayers who file ITR after the deadline are fined Rs 5,000. For taxpayers with an income less than Rs 5 lakh, this penalty amount is Rs 1,000.
READ | DigiYatra data to be used to crack down on tax evaders? Here's what Income Tax dept said
What is belated ITR?
Taxpayers who missed the original deadline for filing their ITR must submit their belated return by January 15. Filing a belated return will prevent further penalties and interest charges. However, taxpayers may still be liable to pay a late filing fee under Section 234F of the Income Tax Act.
What is a revised ITR?
If a taxpayer has already filed their ITR, but has errors or omissions, he/she can file a revised return by January 15. This allows taxpayers to correct mistakes, such as underreporting income or claiming incorrect deductions, without facing severe consequences. However, the revised return should reflect the correct income details, and taxpayers must pay any additional tax due, if applicable.
