Taxpayers needs to keep in mind that the target date for submitting a belated tax return or sending a modified return for the evaluation year 2024-25 is quick coming close to. The last day for entry remains in one week, i.e., on January 15, 2025.
Originally, the target date was established for Dec 31, 2024. However, the Central Board of Direct Taxes (CBDT), through round (21/2024), prolonged the target date to January 15.
So, taxpayers that have yet to submit their income tax return for FY 2023-24, or those that submitted a wrong return and consequently desire to change it, are encouraged to do so within the following 7 days.
Revised ITR
If you have actually made a mistake in your first tax return declaring, you can submit a modified return under area 139( 5) of the Income Tax (I-T)Act
These are a few of the circumstances in which you can submit a modified return:
Rectifying mistakes: If there are mistakes or noninclusions in your income tax return, such as misreporting revenue, reductions, or others, you can send a modified go back to correct these mistakes prior to submitting the upgraded details.
Overlooked revenue: In some situations, you might have unknowingly missed out on reporting some revenue resources or specific reductions in your initial ITR. In such situations, submitting a modified return permits you to include these ignored information.
This guarantees that your tax obligation evaluation mirrors extensive and exact details.
Belated ITR
Taxpayers that missed out on the initial declaring target date can still submit a belated income tax return after paying a fine under Section 139 (4) of the Income Tax Act.
Penalties for late declaring of an ITR in India are established on revenue degree:
A. For people with a revenue over 5 lakh, submitting a belated return will certainly sustain a fine of as much as 5,000.
B. For taxpayers with an internet gross income of 5 lakhs or reduced, the optimum fine for submitting a belated ITR is 1,000.
