ITR Filing Deadline Extended For Belated And Revised Returns For AY 2024-25; Check Penalties

ITR Filing Deadline: Earlier, the last date for resident individuals to make these submissions for assessment year (AY) 2024-25 was set at 31st December 2024.

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ITR Filing Deadline: The Income Tax Department has extended the deadline for filing belated or revised income tax returns for the Assessment Year (AY) 2024-25 for resident individuals, as stated in a notification issued by the CBDT. Taxpayers now have until January 15, 2025, providing an additional two weeks to finalize or amend their filings. Earlier, the last date for resident individuals to make these submissions for assessment year (AY) 2024-25 was set at 31st December 2024. 

ITR Filing Deadline: Relief For Late Filers And Opportunity For Corrections 

The ITR deadline extension extension applies to two particular scenarios. First, it provides relief to individuals who missed the original July 31, 2024 deadline for filing their ITR and had until December 31 to submit a belated return. 

Second, it grants taxpayers an extended opportunity to correct errors in previously filed returns by submitting revised filings. Individuals should verify their Form 26AS and other relevant documents to avoid any discrepancies when filing.  

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

Penalties For Belated Returns 

As per current regulations, taxpayers submitting belated returns are required to pay a late fee. For taxable income below Rs 5 lakh, the fee is Rs 1,000, while for taxable income exceeding Rs 5 lakh, it rises to Rs 5,000. Filing a corrected ITR helps maintain compliance with tax laws and reduces the risk of penalties or further scrutiny.

What Is Belated ITR?

Taxpayers who missed the initial deadline for filing their ITR have deadline until January 15 to submit a belated return. While filing a belated return helps avoid additional penalties and interest charges, it may still attract a late filing fee under Section 234F of the Income Tax Act. 

What Is Revised ITR?

Taxpayers who have already filed their ITR but later discover errors or omissions can submit a revised return by January 15. This provides an opportunity to rectify issues, such as underreported income or incorrect deductions, without incurring significant penalties.