Government extends deadline for belated and revised tax returns to Jan 15

In order to to assist the resident individuals, the Central Board of Direct Taxes (CBDT) has announced an extension for the submission of belated and revised income tax returns for the Assessment Year 2024-25.  The new deadline will now be January 15, 2025, allowing additional time for residents to complete their filings. The original deadline for filing belated/revised return was December 31, 2024. The CBDT emphasised that the extension applies specifically to submissions made under section 139 of the Income-tax Act, 1961. 

 

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations.

 

Taxpayers submitting a belated return may face a penalty of up to Rs 5,000. However, for individuals whose total income falls below Rs 5 lakh, this penalty is capped at Rs 1,000. It is to be noted that those filing revised ITRs will not be penalised, provided the revision is made within the allowed timeframe. However, any additional tax due must still be paid.

 

Tax experts have welcomed the decision, noting that it will provide much-needed relief for individuals in navigating their tax obligations.

 

"Recently SMSes as well as e-mail communications have been sent by the CBDT to residents who had a mismatch between their Annual Information Statement (AIS) and ITRs or other Informations available... the extension will  give some relaxation to these taxpayers to match first with their books and then file their belated/revised ITRs accordingly," said Vivek Jalan, partner with Tax Connect Advisory Services.