The Central Board of Direct Taxes (CBDT) has extended the deadline for resident individuals to file their belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. Originally set for December 31, 2024, taxpayers now have until January 15, 2025, providing an additional two weeks for those who missed the original due date for ITR filing or need to revise a previously filed return.
This announcement comes as a relief to taxpayers who were unable to meet the initial deadline. The CBDT’s decision allows these taxpayers more time to ensure that their ITRs are filed without facing any penalties for the delay.
Key Details About the ITR Filing Deadline Extension
According to the tweet from the Income Tax department, the ITR filing deadline extension applies to resident individuals who either missed filing their ITR by the original due date or need to make corrections by submitting a revised ITR. This extension gives taxpayers an additional two weeks to file their returns for AY 2024-25.
Additionally, taxpayers must be aware that for belated ITR filing, those who missed the July 31 deadline had the option to file their returns until December 31 by paying a penalty. If the taxable income is less than ₹5 lakh, the penalty is ₹1,000; for returns exceeding ₹5 lakh, the penalty is ₹5,000.
Revised ITR Filing: Correcting Mistakes and Updating Information
While the ITR filing deadline extension is a welcome move, it is also important for taxpayers to ensure that their ITRs are filed accurately. Mistakes in tax filing can be corrected by submitting a revised ITR, which is crucial if an individual has made errors or missed including some income sources. Filing a revised ITR helps avoid penalties and ensures that the tax authorities have accurate information.
Impact of the Extension on Taxpayers
This ITR filing deadline extension gives taxpayers ample time to address any issues they may have with their returns. Whether it’s about revising a previously filed return or filing belated returns, taxpayers can take advantage of the extra time to ensure compliance and avoid unnecessary penalties.
The income tax department has made it clear that the new deadline of January 15, 2025 is applicable to individuals who missed the previous due date and are filing their returns or revising their ITRs. This will also give taxpayers more flexibility in ensuring all information is submitted correctly.
ITR Filing Process and Late Fees
Taxpayers who choose to file a belated ITR for AY 2024-25 after the original deadline will need to pay a fee based on their income. As per the current rules, the belated return filing fee is ₹1,000 for those with taxable income under ₹5 lakh, while individuals with taxable income above ₹5 lakh will be charged ₹5,000.
This penalty is crucial to encourage taxpayers to file their returns on time. However, the ITR filing deadline extension provides much-needed relief, especially to those who might have missed the December 31 deadline or overlooked important details in their original filings.
Tax Filing Statistics: Low Number of Filers in FY 2023-24
In a related development, Minister of State for Finance, Pankaj Chaudhary, informed Parliament that in the 2023-24 fiscal year, only 6.68 percent of India’s population filed their income tax returns. This highlights the ongoing need for taxpayers to comply with tax regulations, and the ITR filing deadline extension offers an opportunity for more individuals to fulfill their tax obligations.
The number of returns filed for FY 2023-24 stands at 8,09,03,315, which is a small fraction of India’s total population. The CBDT’s extension should encourage more taxpayers to step forward and file their belated or revised ITRs before the January 15, 2025, deadline.
Conclusion: A Helpful Extension for Taxpayers
In conclusion, the ITR filing deadline extension announced by the CBDT is a significant relief for taxpayers who missed the original due date or need to amend their tax returns. With the new deadline of January 15, 2025, individuals have extra time to ensure that their ITRs are filed correctly and that they comply with the tax regulations. The extension aims to increase the filing rate and improve accuracy in tax reporting, which will ultimately benefit taxpayers and the government alike. Be sure to use this extension wisely to avoid late fees and penalties for belated ITR filing.
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