If you have missed the deadline for filing the original ITR of 31 July 2024, you can file a late return. However, you will have to pay a penalty for this.
Tomorrow, January 15, 2025, is the last date for filing belated or revised income tax returns (ITR) for assessment year 2024-25.
The Central Board of Direct Taxes (CBDT) had extended the original deadline of 31 December 2024 by 15 days to give taxpayers more time.
If you have missed the original ITR filing deadline of 31 July 2024, you can file a late return. However, you will have to pay a penalty for this.
- Earnings up to Rs 5 lakh: Late fee of Rs 1,000.
- Earnings above Rs 5 lakh: Late fee of Rs 5,000.
In addition, if any outstanding tax is payable, you will also have to pay interest under section 234A. Interest will be charged at the rate of 1% per month from the original deadline (31 July 2024) till the date of filing.
Should I file?
- Late ITR: For taxpayers who missed the initial deadline.
- Revised ITR: For taxpayers who need to correct deficiencies in previously filed returns.
Consequences of missing the January 15 deadline
If you fail to file ITR by tomorrow, you will lose the opportunity to file or revise returns for AY 2024-25. Non-compliance may attract a notice from the income tax department and additional penalty.
