The extended deadline for filing belated or revised income tax returns for Assessment Year 2024-25 is fast approaching. For the fiscal year 2023–2024, taxpayers have until January 15, 2025, to complete their tax obligations. The Central Board of Direct Taxes extended this deadline from the intended cutoff date of December 31, 2024, to provide taxpayers who missed the belated filing.
Who Should File?
1. Belated Filers:
Taxpayers who couldn’t meet the original deadline can now file under Section 139(4) of the Income Tax Act. While it allows late filing, penalties and other restrictions apply.
2. Revised Filers:
Taxpayers may file an amended return under Section 139(5) if they discover errors in their first return, such as missing income, improper deductions, or misreported information.
Consequences of Missing the January 15 Deadline
There might be serious consequences if you miss the extended January 15 deadline for filing an amended or belated ITR. Taxpayers with an annual income above Rs. 5 lakh face a penalty of Rs 5,000, while those earning below Rs. 5 lakh incur a penalty of Rs. 1,000. Additionally, a penal interest of 1 per cent per month is charged on unpaid taxes from August 1, 2024, until the filing date. Interest is paid on timely ITR submissions from April 1 to the refund date, and late filings from the filing date to the refund date. Also, a major drawback is that taxpayers must file under the new tax regime, losing all deductions and exemptions of the old regime.
Step-by-Step Guide to File a Belated or Revised ITR:
1. Log in to the Income Tax e-filing portal: Go to the official Income Tax e-filing website and enter your login information to get begin. This step is essential to access your account and initiate the filing process.
2. Select the Assessment Year and Filing Type: Select the relevant assessment year (2024–25) and decide if you want to file an amended return (Section 139(5)) or a belated return (Section 139(4)). This ensures that the appropriate section and form are used for your specific case.
3. Enter Income Details and Pay Taxes: Under the appropriate categories, enter your income details. The portal will generate the tax due once the required information has been entered. To finish the filing, pay any outstanding taxes.
4. Submit and Complete the e-verification: Once all the information has been assessed, submit your return. For your submission to be confirmed, make sure you finish the e-verification process. This process confirms your return and makes it compliant with the law.
