ITR filing deadline extension: Income tax department announces relief for these taxpayers. Details here | Mint

The Central Board of Direct Taxes (CBDT) has announced an extension for resident individuals to file their belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. The original deadline of December 31, 2024, has been extended to January 15, 2025. This means individuals who missed the original due date for filing their ITR or need to revise a previously filed return now have an additional two weeks to do so.

“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 15th January, 2025,” income tax department informed via a tweet.

The Central Board of Direct Taxes (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.

Belated ITR filing

Previously, individuals who failed to file their income tax return (ITR) by July 31 had until December 31 to do so. Although individual taxpayers had until July 31 to file their income tax returns for the fiscal year 2023–2024 (AY 2024–25), they could do so before December 31 by paying a charge.The taxpayer must pay a fee of ₹1,000 if the amount of the overdue return is less than ₹5 lakh, and ₹5,000 if the value of the tax return exceeds ₹5 lakh.

Revised ITR filing

Taxpayers may make mistakes while filing their income returns or fail to include key information. In certain situations, the taxpayer’s income can be corrected by submitting a corrected ITR.

Meanwhile, Minister of State for Finance Pankaj Chaudhary informed Parliament on 17 December that only 6.68 percent of India’s population filed income tax returns in the 2023-24 fiscal year.

“In FY 2023-24, the percentage of population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax return is 8,09,03,315),” Chaudhary said in a written reply to the Rajya Sabha.