ITR Deadline Ends Today: File Your Belated or Revised Returns to Avoid Penalties - Here's How

In a circular dated December 31, 2024, the Central Board of Direct Taxes (CBDT) extended the deadline for filing belated and revised ITRs for Assessment Year 2024-25 from December 31, 2024, to January 15, 2025.

The circular states:
"The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax Act, 1961 ('the Act'), extends 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 31st December 2024 to 15th January 2025."

 

This extension provides taxpayers extra time to gather necessary documents, calculate their tax liabilities, and file their returns without incurring further penalties.

Who Can File a Revised or Belated ITR?
Revised ITR: Eligible only if the original ITR was filed on or before July 31, 2024. It allows taxpayers to correct errors or omissions in their original return.
Belated ITR: Applicable when the original deadline is missed. Filing a belated return involves late fees and potential penalties.

Penalties for Missing the July 31 Deadline
Taxpayers filing belated returns must pay the following late fees under Section 234F:
Income up to Rs 5 lakh: Rs 1,000
Income above Rs 5 lakh: Rs 5,000
Additionally, outstanding tax liabilities attract 1% monthly interest under Section 234A.
Consequences of Not Filing by January 15

Failing to file by today can lead to serious repercussions:
Notices from the Income Tax Department: Non-compliance can result in legal scrutiny.
Loss of Opportunity: You won’t be able to file or revise your return for AY 2024–25 after this deadline.
Additional Penalties: Defaulting on tax filing can attract further penalties.

Act Now to Avoid Penalties
With only hours remaining, taxpayers are urged to meet the January 15 deadline to file their belated or revised returns and avoid complications.

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