New Delhi: 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 2024-25. Originally set for 31 December 2024, the deadline has now been moved to 15 January 2025, providing taxpayers with an additional two weeks to complete or amend their filings.
This extension applies in two cases. It benefits those who missed the initial filing deadline of 31 July 2024 and had until 31 December to submit a belated return. It also helps taxpayers who need to correct errors in previously filed returns by allowing more time for revised submissions.
The announcement, made through the CBDT’s social media platform, stated, “CBDT extends the last date for furnishing Belated/ Revised return of income for AY 2024-25 in the case of Resident Individuals from December 31, 2024, to January 15, 2025.” The extension has been authorised under the powers granted by section 119 of the Income-tax Act, 1961.
Late fees for filing belated returns remain unchanged. Taxpayers with taxable income below Rs 5 lakh are charged Rs 1,000, while those earning above this threshold pay Rs 5,000. For individuals making corrections to their ITR, filing a revised return helps rectify errors or omissions, such as missing income details or incorrect deductions. Corrected filings ensure compliance with tax regulations and help avoid penalties or further scrutiny.
Despite ongoing efforts to boost tax compliance, only a small percentage of India’s population files income tax returns. Minister of State for Finance Pankaj Chaudhary informed Parliament on 17 December that just 6.68% of the population filed ITRs for the fiscal year 2023-24. This equates to 8.09 crore individuals submitting returns.
The extended deadline aims to ease pressure on taxpayers who may have struggled to meet the previous cut-off. It ensures individuals have adequate time to file accurate returns, fostering greater compliance and reducing the likelihood of errors under rushed conditions.
BI Bureau
