Belated ITR Deadline: The Income Tax Department has provided the facility of filing belated income tax returns to those taxpayers who for some reason miss filing income tax returns by the due date i.e. 31st July. Belated returns can be filed by paying penalty and interest on tax under section 139(4) of the Income Tax Act
Belated ITR Deadline: There is good news for those taxpayers who have not been able to file income tax returns by July 31. The Bombay High Court has ordered the Central Board of Direct Taxes (CBDT) to extend the deadline for filing belated income tax returns. This deadline was ending on December 31, 2024.
Order to extend the deadline till at least January 15
The Bombay High Court has asked the CBDT to extend this deadline till at least January 15, 2025. This means that taxpayers will now get more than two weeks of additional time to file belated or revised returns. Let us know about this in detail.
Court order on hearing of PIL
The Bombay High Court has given this order on a Public Interest Litigation (PIL). This petition was filed by the Chamber of Tax Consultants. It was said that many changes have been made in the procedure of ITR Utility. Due to this, taxpayers have faced difficulty in claiming rebate under section 87A of the Income Tax Act, 1961.
What is Section 87A?
Under this section, rebate of up to Rs 25,000 can be claimed in the new regime of income tax and up to Rs 12,500 in the old regime. In the old tax regime, people with an annual income of up to Rs 5 lakh can claim this rebate. In the new regime, taxpayers with an annual income of up to Rs 7 lakh can claim this rebate.
What is belated ITR filing?
The Income Tax Department has provided the facility of filing belated income tax returns to those taxpayers who for some reason miss filing income tax returns by the due date i.e. 31 July. Belated returns can be filed by paying penalty and interest on tax under section 139(4) of the Income Tax Act. Its deadline is 31 December 2024.
How much is the penalty?
Taxpayers whose annual income is more than Rs 5 lakh have to pay a penalty of Rs 5,000. Taxpayers whose annual income is less than Rs 5 lakh have to pay a penalty of Rs 1,000. After the Bombay High Court extended the deadline, belated returns can now be filed till January 15, 2025.
