The deadline for individual taxpayers to file their income tax returns for the fiscal year 2023-24 (AY2024-25) was July 31, 2024, but returns can still be filed by December 31, 2024, with a penalty
In a relief to taxpayers who are filing a belated return, The Central Board of Direct Taxes (CBDT) has extended the last date for filing belated/ revised returns from 31 December to 15 January 2025. This gives taxpayer another two weeks to file their belated/ revised return. “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 15th January 2025,” the income tax department said on X.
“The CBDT, in the 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 31st December 2024 to 15th January 2025,” said a circular.
The deadline for individual taxpayers to file their income tax returns for fiscal year 2023-24 (AY2024-25) was 31 July 2024. However, one can file their income tax returns by December 31 with a fine. The fine is Rs 1,000 if the amount of overdue return is less than Rs 5 lakh. If it is more than Rs 5 lakh it is Rs 5.000. Not filing bleated returns by 31 December can lead to the following consequences. These could mean no refund, best judgment assessment (where the assessing officer is authorized to make an assessment based on the available information, including the taxpayer’s financial records, previous returns, and other relevant data) or even lead to prosecution. After the current announcement, these will kick in if one fails to file belated/revised returns by January 15, 2025.
While one can now file belated returns by January 15, 2025, one can also file revised returns by the same date. When filing taxes if the taxpayer fails to include key information or makes any mistakes, then a revised return needs to be filed.
Those who have still not filed their returns or will file revised returns should do the needful by January 15. To avoid any last-moment rush, one should not leave it till the last date.