New Delhi: Taxpayers who are yet to file their belated Income Tax Returns (ITRs) for assessment year 2024-25 need to hurry and file it by January 15, 2025. Earlier, the last date to file belated and revised ITRs was December 31, 2024, however, the Central Board of Direct Taxes (CBDT) had extended the deadline.
Taxpayers who are yet to file their tax returns for FY 2023-24, or those who filed an incorrect return and want to revise it, are advised to complete the task by 15th January.
The Central Board of Direct Taxes (CBDT) in exercised its powers under section 119 of the Income-tax Act,1961, to extend the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from December 31, 2024 to January 15, 2025.
Penalty for late filing of ITR: Details
According to Income Tax department rules, the taxpayers with an income above Rs 5 lakh will have to pay a penalty of up to Rs 5,000 for filing a belated return. The taxpayers having a taxable income income of Rs 5 lakhs or lower, the maximum penalty for filing a belated ITR is Rs 1,000.
What is updated return in ITR?
The Income Tax portal mentions that an “updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year (herein referred to as the relevant assessment year), of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form 61 at any time within twenty-four months from the end of the relevant assessment year.”
The deadline for filing belated and revised Income Tax Returns (ITRs) for the assessment year 2024-25 has been extended to January 15, 2025. Taxpayers with incomes above Rs 5 lakh face a penalty up to Rs 5,000 for late filing; those below Rs 5 lakh face a maximum penalty of Rs 1,000. The extension applies to resident individuals filing under sections 139(4) and 139(5) of the Income Tax Act, 1961. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
