Dec 31, 2024 04:14 PM IST
The Central Board of Direct Taxes has extended the deadline for resident individuals to file their belated or revised ITRs for the Assessment Year (AY) 2024-25
The Central Board of Direct Taxes (CBDT) has given an extension for resident individuals to file their belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25.
The new deadline is January 15, 2025, while the original one was December 31, 2024.
This means that all those who have to file their return by today (December 31), but haven’t done so, will get an additional two weeks to do it.
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“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 15 January 2025,” the income tax department announced in a post on X (formerly Twitter).
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Details about belated ITR filing
Taxpayers initially had until July 31, 2024 to file their ITRs for the financial year 2023–24 (AY 2024–25). However, they could also do it later, but till December 31, by paying a charge for the delay.
The charge is ₹1,000 if the overdue tax amount is less than ₹5 lakh, and ₹5,000 if the tax return’s value exceeds ₹5 lakh.
What is a revised ITR?
A revised ITR is done when a taxpayer makes mistakes in the return or fails to include important information.
Whom does the deadline extension benefit?
Apart from giving taxpayers in general, more time to file their returns, the deadline extension would also be very useful for residents with foreign assets or foreign income, according to Vivek Jalan, Partner at Tax Connect Advisory Services LLP.
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“In the past many SMSes as well as e-mail communications has been sent by the CBDT to residents who had foreign asset or foreign income to disclose it in Indian ITRs filed by them,” he said. “Recently also 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 deadline extension gives “some relaxation to these taxpayers to match first with their books and then file their belated/revised ITRs accordingly,” he added.
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