Income Tax Department has announced an extension for filing revised and belated income tax returns (ITRs), pushing the deadline to January 15, 2025, for Indian resident individuals. This move, backed by the Central Board of Direct Taxes (CBDT), provides additional time for taxpayers to ensure compliance with tax regulations.
Originally, the deadline for filing ITRs for individuals was July 31, 2024. Individuals who missed this deadline or wish to revise their already filed returns now have until January 15 to act. The CBDT issued this extension under its authority granted by Section 119 of the Income-tax Act, 1961.
The official 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 follows a Bombay High Court directive issued in response to a Public Interest Litigation (PIL) by the Chamber of Tax Consultants. The PIL highlighted challenges arising from procedural changes in the ITR utility, prompting the court to direct the CBDT to grant taxpayers additional time.
The new deadline offers relief to taxpayers who faced hurdles meeting the previous December 31, 2024, deadline. This extension is particularly beneficial for individuals needing to:
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File a belated ITR: For those who missed the original deadline.
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File a revised ITR: To correct errors such as missing income details or incorrect deductions in previously submitted returns.
Taxpayers should note that filing a belated return attracts a late fee under current rules:
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Rs 1,000 for taxable income below Rs 5 lakh.
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Rs 5,000 for taxable income above Rs 5 lakh.
Filing a revised return ensures compliance and reduces the risk of penalties or additional scrutiny from tax authorities.
The extension comes amid insights shared by Minister of State for Finance Pankaj Chaudhary in Parliament. On December 17, he revealed that only 6.68% of India’s population filed income tax returns in the 2023-24 fiscal year, amounting to over 8 crore individuals.
The government urges individuals to utilize the extended deadline to file their returns promptly. This step not only avoids penalties but also supports the nation’s tax system. With the January 15, 2025, deadline approaching, taxpayers should act swiftly to ensure their filings are accurate and compliant.
