ITR deadline today! How to file your belated and revised income tax returns, penalties. Here’s all you need to know | Mint
Source: Live Mint
ITR deadline today, January 15, 2025: Taxpayers must noted that today is the deadline for filing your income tax returns (ITR) if you missed the original date or are submitting a revised return for the assessment year 2024-25 (AY2024-25).
Originally, the deadline was set for December 31, 2024. However, the Central Board of Direct Taxes (CBDT), via circular (21/2024), extended the deadline to January 15, 2025 — i.e. today.
“The 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 31 st December 2024 to 15th January 2025,” said CBDT in a circular dated December 31, 2024.
So, taxpayers who have yet to file their tax returns for FY 2023-24, hurry today!
What is Revised ITR?
If you have made an error in your initial income tax return filing, you can file a revised return under section 139(5) of the Income Tax (I-T) Act.
What is Belated ITR?
Taxpayers who missed the original filing deadline can still file a belated tax return after paying a penalty under Section 139 (4) of the Income Tax Act.
What Are the Penalties?
Penalties for late filing of an ITR in India are determined on income level:
What If You Fail to File ITR by January 15?
If you fail to pay your ITR by the deadline on January 15, 2025, it may result in not being able to revise your AY2024-25 returns, you may also recieve notices from the Income Tax (I-T) Department; and additional penalties as determined by the tax authority.
How To File Belated ITR Online
- First, go to the official ITR e-filing portal here – https://www.incometax.gov.in/iec/foportal/help/all-topics/brochures/8941
- Login using your PAN card number
- Select the relevant ITR form
- Select the assessment year — AY2024-25 for FY24
- Fill in the required personal details and deductions
- A late fee of ₹5,000 will be applicable on the filing
- Submit and verify using Aadhaar OTP
- You can also choose to verify by physically submitting the form at the I-T office.
The easiest way to verify a return is online, so it is recommended to opt for online verification of ITR.
