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ITR Filing Deadline: The last day to submit belated or changed Income Tax Returns for the AY 2024-25 is January 15, 2025.
ITR Filing Deadline: Filing a belated return sustains a fine of as much as Rs 5,000.
ITR Filing Deadline 2025: As the fiscal year wanes, taxpayers are competing versus the clock to satisfy the extensive target date for submitting their Income Tax Returns (ITRs). With the Central Board of Direct Taxes (CBDT) providing a much-needed rest by expanding the target date, people currently have a last possibility to submit belated or modified returns for the Assessment Year (AY) 2024-25. Here’s every little thing you require to understand about the fines, actions, and effects of missing this vital target date.
The last day to submit belated or changed Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25 is January 15, 2025. In a current notice, the CBDT expanded the target date for equipping these returns. Initially established for December 31, 2024, the target date was pressed onward by 2 weeks.
The expansion puts on both belated returns, submitted after the initial target date, and changed returns, for remedying mistakes in formerly submitted returns. To be qualified for submitting a changed return, taxpayers need to have sent their initial ITR prior to the due day of July 31, 2024.
Official Notification
According to a round provided by the CBDT on December 31, 2024, “The Central Board of Direct Taxes (CBDT), in the workout of its powers under Section 119 of the Income- tax obligation Act, 1961, expands the last day for equipping belated returns under subsection (4) of Section 139 or changed returns under subsection (5) of Section 139 for AY 2024-25 from December 31, 2024, to January 15, 2025, for resident people.”
Belated Income Tax Return Penalty: Late ITR Filing Charges
Filing a belated return incurs a penalty of up to Rs 5,000. However, if your total income is less than Rs 5 lakh, the penalty is capped at Rs 1,000.
Belated ITR Due Date For AY 2024-25
- July 31, 2024: Original due date for salaried individuals and taxpayers without audit obligations.
- January 15, 2025: Final deadline for belated or revised returns for AY 2024-25.
What Are Belated and Revised Returns?
- Revised Return: If you discover an error or omission in your original ITR, you can file a revised return by January 15, 2025.
- Belated Return: If you miss the original July 31 deadline, a belated return can be filed by January 15, 2025.
Consequences of Missing the January 15 Deadline
What If Belated Return Is Not Filed?
Failing to file or revise your ITR by January 15 may result in the following:
- Inability to File: After January 15, you will no longer be able to file or amend your ITR for AY 2024-25.
- Penalties and Notices: Non-compliance may attract additional penalties and notifications from the Income Tax Department.
- Loss of Benefits: Filing late results in losing the ability to carry forward losses to offset future tax liabilities.
Avoid Last-Minute Hassles
To file your belated or revised return, visit the Income Tax Departmentâs e-filing portal (www.incometax.gov.in) and follow the step-by-step process. Filing early helps avoid penalties and ensures you do not miss out on crucial tax benefits.
