January 15, 2025 is the last day to file a revised or belated income tax return (ITR) for financial year 2023-2024. This gives people one last opportunity to submit their tax return for assessment year (AY) 2024-25.
For individuals, who missed the original ITR filing date of July 31, 2024, belated returns can be filed until January 15, 2025. Previously, one could file a belated or revised return for AY 2024-25 till December 31, 2025. But the Central Board of Direct Taxes (CBDT) had provided an extension of 15 days to give taxpayers more time to fulfil their obligations. Those who have already filed their ITR by July 31, 2024 can submit a revised tax return by today if they need to file a correct return.
Consequences Of Missing ITR Filing Deadline
If you missed the original filing deadline of July 31, 2024, you can still submit a belated return, but it will come with penalties.
For incomes up to Rs 5 lakh, a late fee of Rs 1,000 will apply, while incomes above Rs 5 lakh will incur a fee of Rs 5,000. Also, interest will be charged under Section 234A of the Income-tax Act, 1961 on any unpaid tax, at a rate of 1 per cent per month from the original due date until the date of filing.
Also, you will have difficulty in filing your return for AY 2025-26 if you miss filing your return for AY 2024-25. As ITRs are a legal requirement, non-compliance may result in fines, notices from the income tax department, and other penalties for default.
To file your belated or revised return, visit the income tax department’s e-filing portal and follow the instructions provided. Make sure to carefully review details, such as income, deductions, and taxes paid to avoid any errors. Before submitting your return, ensure that any outstanding tax dues, along with interest and penalties, are cleared.
