New Delhi: The Central Board of Direct Taxes (CBDT) extended the last date for Income Tax filing for the assessment year 2024-25 for Indian residents. The tax watchdog in a social media post provided relief to taxpayers by relaxing the deadline for AY25 Income Tax payments to January 15, 2025, from December 31, 2024.
The CBDT cited Section 119 of the Income Tax Act, 1961, to extend the last date for filing belated ITR. The deadline has also been extended for filing a belated ITR under section 139(5) of the Income Tax Act for AY2024-25.
CBDT extends the last date for furnishing Belated/ Revised return of income for AY 2024-25 in the case of Resident Individuals from 31st December, 2024 to 15th January, 2025.
✅Circular no. 21/2024 dated 31/12/2024 issued-https://t.co/DedADMfnGX pic.twitter.com/sBVdGZqxRF
— Income Tax India (@IncomeTaxIndia) December 31, 2024
Revised ITR filing
Taxpayers who aim to file a revised ITR may do so until January 15, 2024. The revised ITR filing provision allows taxpayers to rectify errors in their Income Tax Return. They may include underreporting of taxable income and wrongly claimed deductions, among others. Revised ITR filing also entails the payment of any pending or additional tax that may have been missed out on in the previous ITR.
What is belated ITR?
Belated ITR filing entails tax filing after the original due date. This provision allows taxpayers to file their Income Tax Return by paying a penalty and interest on the tax calculated. The deadline for ITR filing for assessment year 2024-25 was July 31, 2024. The belated ITR filing deadline was December 31, 2024, which was extended until January 15, 2025, by the CBDT. While filing belated ITR, taxpayers must pay Rs 1,000 fine if their total income is below Rs 5 lakh and Rs 5,000 if their total income is over Rs 5 lakh, under Section 234F of the Income Tax Act, 1961.
Income Tax Filing Due Date Extension: The Central Board of Direct Taxes (CBDT) on December 30, 2024, announced a revised deadline for belated ITR filing. Previously, the last date for Income Tax filing was December 31, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
