The income tax due date extension for belated and revised Income Tax Returns (ITR) has brought relief to millions of taxpayers in India. The Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing these returns for the Assessment Year (AY) 2024-25. If you missed the initial deadline or need to correct errors in your ITR, this is your chance to get it done without unnecessary stress.
In this blog, we’ll break down everything you need to know about the income tax due date extension, why it matters, and how you can make the most of this opportunity.
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What Is the New Income Tax Due Date?
The CBDT has extended the deadline for filing belated and revised ITRs from December 31, 2024, to January 15, 2025. This gives taxpayers an additional two weeks to file their returns or make corrections to previously filed ones.
The announcement was made on the CBDT’s official social media platform, X (formerly Twitter), under the authority of Section 119 of the Income-tax Act, 1961.
Who Benefits from the Income Tax Due Date Extension?
The extension applies to two specific groups of taxpayers:
- Belated Returns:
If you missed the original ITR filing deadline of July 31, 2024, you were allowed to file a belated return until December 31. Now, with the new extension, you have until January 15, 2025, to file your belated return. - Revised Returns:
If you’ve already filed your ITR but realized there were errors or omissions (e.g., missing income details or incorrect deductions), you can now file a revised return by the new deadline.
Why Is This Extension Important?
The income tax due date extension is a significant move for taxpayers, offering several benefits:
1. More Time to File Belated Returns
- Taxpayers who missed the July 31 deadline now have an extended window to file their returns.
- Filing a belated return incurs a late fee:
- ₹1,000 for taxable income below ₹5 lakh.
- ₹5,000 for taxable income above ₹5 lakh.
2. Opportunity to Correct Errors
- Mistakes in ITR filings are common, such as:
- Forgetting to report certain income.
- Claiming incorrect deductions or exemptions.
- Filing a revised return allows you to fix these errors, ensuring compliance with tax laws and avoiding penalties or scrutiny.
3. Relief for Taxpayers
- The additional two weeks provide much-needed breathing room for individuals who faced challenges meeting the December 31 deadline.
- This is especially helpful for those who may have been overwhelmed by year-end financial obligations.
India’s Tax Compliance: A Snapshot
Despite the government’s efforts to encourage tax compliance, only a small percentage of India’s population files income tax returns. According to Union Minister of State for Finance Pankaj Chaudhary, only 6.68% of India’s population filed ITRs in the fiscal year 2023-24. This translates to 8,09,03,315 individuals filing returns.
The income tax due date extension aims to improve compliance by giving taxpayers more time to fulfill their obligations.
How to File Your Belated or Revised ITR Before the New Deadline
If you’re planning to take advantage of the income tax due date extension, here’s what you need to do:
- Log in to the Income Tax Portal: Visit the official e-filing website of the Income Tax Department.
- Choose the Correct Option: Select either “Belated Return” or “Revised Return” based on your situation.
- Fill in the Details: Ensure all income details, deductions, and exemptions are accurately reported.
- Pay the Late Fee (if applicable): If you’re filing a belated return, make sure to pay the applicable late fee.
- Submit Your Return: Double-check all details before submitting your ITR.
Why You Shouldn’t Wait Until the Last Minute
While the income tax due date extension provides extra time, it’s always better to file your return as early as possible. Here’s why:
- Avoid Last-Minute Errors: Rushing to file at the last moment increases the chances of mistakes.
- Faster Refunds: Filing early ensures quicker processing of refunds, if applicable.
- Peace of Mind: Completing your tax obligations ahead of time reduces stress and allows you to focus on other priorities.
Final Thoughts on the Income Tax Due Date Extension
The income tax due date extension to January 15, 2025, is a welcome move for taxpayers across India. Whether you missed the original deadline or need to correct errors in your ITR, this extension gives you the opportunity to comply with tax regulations without unnecessary haste.
Take advantage of this extended window to file your belated or revised return and avoid penalties. Remember, accurate and timely filing not only ensures compliance but also helps you stay on the right side of the law.
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FAQs About the Income Tax Due Date Extension
What is the new deadline for filing belated and revised ITRs?
The new deadline is January 15, 2025.
Who can file a belated return?
Taxpayers who missed the original filing deadline of July 31, 2024, can file a belated return.
What is a revised return?
A revised return allows taxpayers to correct errors or omissions in their previously filed ITR.
Is there a penalty for filing a belated return?
Yes, the late fee is ₹1,000 for taxable income below ₹5 lakh and ₹5,000 for taxable income above ₹5 lakh.
How can I file my belated or revised return?
You can file your return online through the official Income Tax Department portal.
