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ITR filing last date extended: Income Tax Department extends last date to file ITR for these taxpayers. Check details here

ITR filing last date extended: The Central Board of Direct Taxes (CBDT) has announced an extension for resident individuals to file their belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. The original December 31, 2024 deadline has been extended to January 15, 2025. This means individuals who missed the original due date for filing their ITR or need to revise a previously filed return now have an additional two weeks to do so.

“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 15 January 2025,” income tax department informed via a tweet.

The Central Board of Direct Taxes (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 31 st December, 2024 to 15th January, 2025.

Belated ITR filing

Although individual taxpayers had until July 31 to file their income tax returns for the fiscal year 2023–2024 (AY 2024–25), they could do so before December 31 by paying a charge.The taxpayer must pay a fee of ₹1,000 if the amount of the overdue return is less than ₹5 lakh, and ₹5,000 If the value of the tax return exceeds ₹5 lakh.

New deadline for filing belated and revised ITR

The Central Board of Direct Taxes (CBDT) has extended the deadline for resident people to file their amended and late Income Tax Returns (ITRs) for the assessment year (AY) 2024–2025. The new deadline is January 15, 2025.

Revised ITR filing

Taxpayers may make mistakes while filing their income returns or fail to include key information. In certain situations, the taxpayer’s income can be corrected by submitting a corrected ITR.

Meanwhile, Minister of State for Finance Pankaj Chaudhary informed Parliament on 17 December that only 6.68 percent of India’s population filed income tax returns in the 2023-24 fiscal year.

“In FY 2023-24, the percentage of the population that files Income Tax Return is 6.68 per cent. (In FY 2023-24, the total number of persons filling income tax return is 8,09,03,315),” Chaudhary said in a written reply to the Rajya Sabha.

Vivad Se Vishwas Scheme date extended

The Income Tax Department on Monday extended the date for filing information for determining tax dues and waiver of interest and penalty under the Vivad Se Vishwas Scheme till January 31. As per the original rules of the Direct Tax Vivad Se Vishwas Scheme, 2024, taxpayers filing declaration before December 31, 2024 had to pay 100 per cent of the disputed tax demand. There is a provision to waive interest and penalty in such cases.

The Central Board of Direct Taxes (CBDT) said in a circular that the due date for determining the amount payable under the Vivaad se Vishwas scheme has been extended from December 31, 2024 to January 31, 2025. According to the circular, the taxpayer will have to pay 110 percent of the disputed tax demand on declarations made on or after February 1, 2025. Taxpayers in whose cases there is a dispute / appeal has been filed can avail the benefit of this scheme.

If you also have to file your belated or revised ITR and you have not done it yet, then you still have time. And if you want to get benefit under the Vivaad se Vishwas scheme, then you have time for that too.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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