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The original deadline of December 31, 2024, has now been pushed to January 15, 2025, giving taxpayers an additional two weeks to complete or revise their filings.
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 (AY) 2024-25.
The original deadline of December 31, 2024, has now been pushed to January 15, 2025, giving taxpayers an additional two weeks to complete or revise their filings.
The announcement was shared by the CBDT via a post on X (formerly Twitter), stating: “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.”
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The extension was made using the board’s powers under section 119 of the Income-tax Act, 1961.
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.
✅Circular no. 21/2024 dated 31/12/2024 issued-https://t.co/DedADMfnGX pic.twitter.com/sBVdGZqxRF
— Income Tax India (@IncomeTaxIndia) December 31, 2024
This extension applies to two specific cases:
Belated Returns: For individuals who missed the initial deadline of July 31, 2024, to file their ITR and had until December 31 to file a belated return.
Revised Returns: For taxpayers who need to make corrections to previously filed returns, providing them with an extended window to submit their revised filings.
Under the current rules, taxpayers filing belated returns are required to pay a late fee. If the taxable income is below ₹5 lakh, the late fee is ₹1,000.
For those with taxable income above ₹5 lakh, the late fee increases to ₹5,000.
Taxpayers often make errors or omissions when filing their ITR, such as missing income details or claiming incorrect deductions. A revised return allows individuals to rectify these mistakes.
Filing a corrected ITR ensures compliance with tax regulations and can help avoid penalties or additional scrutiny.
Despite ongoing efforts to encourage tax compliance, only a small portion of India’s population files income tax returns.
Minister of State for Finance Pankaj Chaudhary revealed in Parliament that just 6.68% of India’s population filed ITRs in the fiscal year 2023-24.
“In FY 2023-24, the percentage of the population that filed Income Tax Return is 6.68%.
The total number of persons filing income tax returns is 8,09,03,315,” he informed the Rajya Sabha on December 17.
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Taxpayers are encouraged to use the extended time to complete their filings and comply with tax regulations.
For further information, individuals can visit the official Income-tax website or contact the Income-tax department.
