Kolkata: If you have not filed the Income Tax Return (ITR) for FY24, today, January 15, 2025, is the last chance to file it. If you miss this deadline, you will not be file returns for the last financial year at all (unless specifically asked by the Income Tax Department) and might come under its lens for not having filed your tax returns. The last date to file belated and revised ITRs was December 31, 2024 but the Central Board of Direct Taxes (CBDT) had to extend the deadline after a direction by the courts.
The reason for the delay originated in in July 2024 when the Income Tax Department made changes in its ITR software. As a result, many taxpayers reportedly could not claim section 87A tax rebate for special income (such as short-term capital gains on shares etc). Acting upon petitions, Bombay High Court directed the income tax department to push back the deadline to file revised and belated ITR to January 15, 2025 so that taxpayers can claim tax rebate under Section 87A.
You cannot avoid for filing belated ITR
If you have earned more than Rs 5 lakh in FY24, Income Tax department rules stipulate that you cannot escape paying a fixed penalty of Rs 5,000 for filing belated ITR. Anyone filing IT returns after July 31, 2024 has to pay this amount. However, if you taxable income is less than Rs 5 lakhs (or exactly Rs 5 lakh), you can get away by paying a penalty of Rs 1,000 only. But in any case, you have to file your Income Tax Returns by today.
Updated ITR: What is it
A belated Income Tax Return is understandable from the name itself. But what is Updated Return in ITR? It has been defined thus by the Income Tax Department: “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.”
Usually, the last day for filing belated and revised ITR (Income Tax Return) is December 31 of every year. But this year, the CBDT extended the deadline to January 15 following a verdict by Bombay High Court. If you miss this extended deadline, you won’t be able to file ITR for FY24 at all and might come under the glare of the Income Tax Department. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
