ITR Filing Deadline Extended: CBDT Grants Relief to Resident Individuals Until 15 January 2025

News:

MAS Team | 31 December 2024

The Central Board of Direct Taxes (CBDT) has announced a significant extension for the filing of belated or revised Income Tax Returns (ITR) for Assessment Year (AY) 2024-25. The deadline, originally set for 31 December 2024, has been pushed to 15 January 2025, providing resident individuals an additional two weeks to complete their tax filing obligations.

This extension, implemented under Section 119 of the Income-tax Act, 1961, applies to two categories of returns: belated returns under sub-section (4) of section 139 and revised returns under sub-section (5) of section 139 of the Act.

For the fiscal year 2023-2024 (AY2024-25), while the initial deadline for filing ITRs was July 31, taxpayers could still file belated returns until 31 December 2024 by paying additional fees. The late filing charges are structured as follows:

Rs1,000 for returns with value less than Rs5 lakh
Rs5,000 for returns exceeding Rs5 lakh

The provision for revised ITR filing acknowledges that taxpayers may make errors or omit crucial information in their original submissions. This extension allows them to correct such discrepancies through a revised return.

In a related development, Minister of State for Finance Pankaj Chaudhary revealed in Parliament on 17 December 2024 that only 6.68% of India's population filed income tax returns in the FY23-24. The total number of individuals filing income tax returns stood at 8,09,03,315 for FY23-24.

The extension announced by CBDT was officially communicated through the income tax department's social media channels, ensuring widespread awareness among taxpayers about this important update.

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