The Central Board of Direct Taxes (CBDT) has extended the deadline for filing belated and revised income tax returns (ITRs) for the Assessment Year 2024-25 by another 15 days till January 15, 2025. The last date to file tax return for AY 2024-25 ended on July 31, 2024 and the deadline for belated and revised ITR filing was December 31, 2024.
“The Central Board of Direct Taxes (‘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 31st December, 2024 to 15th January, 2025,” the tax department said in a circular.
What is the penalty for belated or revised ITR filing for AY 2024-25?
The late fee for filing a belated return depends on one’s annual income. The government levies a penalty of Rs 5,000 for filing a revised or belated return in case your annual income is more than Rs 5 lakh then. However, if the income is less than Rs 5 lakh, the tax department charges a penalty of Rs 1,000 for filing a belated return.
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Besides the penalty, the taxpayer also has to pay a penal interest on outstanding tax amount due. In the case of an ITR field after July 31, you will be charged a penal interest at the rate of 1% per month.
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One major loss for taxpayers under the old tax regime is that they will now have to file the ITR under the new tax regime, foregoing all the deduction and exemption benefits of the old regime.
When you file ITR before the due date,
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