The Income Tax Department of India has extended the deadline to file belated and revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. This is a crucial update for taxpayers who missed the original due date or need to make corrections in their filed returns. Here’s everything you need to know about the extension and how to make the most of this opportunity.
Key Highlights:
- New Deadline:
The new deadline for filing belated and revised ITRs is January 15, 2025. - Original Deadlines Recap:
- The initial deadline for regular ITR filing was July 31, 2024.
- The deadline for revised and belated ITRs was previously set to December 31, 2024.
- Who Benefits from This Extension?
- Taxpayers who failed to file their ITR before July 31, 2024.
- Individuals who need to revise errors in their already filed ITR.
What is a Belated ITR?
A belated ITR is an income tax return filed after the original due date but before the prescribed final deadline. It allows taxpayers to fulfill their tax obligations despite missing the initial deadline.
Important Points:
- Filing a belated ITR may attract a late fee under Section 234F of the Income Tax Act.
- Interest on outstanding tax liabilities, if any, may also be applicable.
What is a Revised ITR?
A revised ITR allows taxpayers to correct mistakes or omissions in their original income tax return. This is especially beneficial for those who:
- Forgot to declare certain incomes.
- Made errors in claiming deductions or exemptions.
Key Features:
- The revised ITR completely replaces the original one.
- It must be filed before the new deadline of January 15, 2025.
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Why Has the Deadline Been Extended?
The Income Tax Department likely extended the deadline to provide relief to taxpayers facing challenges in meeting the original timeline. The extension helps individuals and businesses comply with tax obligations without unnecessary stress or penalties.
Steps to File Belated or Revised ITR
If you need to file your belated or revised ITR, follow these simple steps:
- Log in to the Income Tax Portal:
Visit https://www.incometax.gov.in and log in using your PAN or Aadhaar. - Navigate to ITR Filing:
- Select “e-File” > “Income Tax Return.”
- Choose the Assessment Year as 2024-25.
- Select the Correct ITR Form:
- Use the appropriate ITR form (e.g., ITR-1, ITR-2) based on your income sources.
- Fill in Details:
- Provide accurate information about your income, deductions, and exemptions.
- Submit the Return:
- Verify your return via OTP, Aadhaar, or digital signature.
- Download the Acknowledgement:
- Save the acknowledgment (ITR-V) for your records.
Penalties for Missing the January 15 Deadline
While this extension is a welcome relief, missing the revised deadline can have serious consequences:
- Late Filing Fee:
- Up to ₹5,000 under Section 234F.
- Ineligibility to File ITR:
- After January 15, 2025, no ITR can be filed for AY 2024-25 unless specifically permitted by the Income Tax Department.
- Interest on Outstanding Taxes:
- Taxpayers with unpaid dues will continue to incur interest under Section 234A until payment is made.
Benefits of Filing Belated or Revised ITR Before the Deadline
Filing within the extended timeline offers several advantages:
- Avoid Late Fees:
- Filing on time reduces the financial burden of penalties.
- Claim Refunds:
- Taxpayers eligible for refunds can still claim them by filing a belated ITR.
- Rectify Errors:
- Ensure compliance by revising errors in previously filed returns.
- Stay Compliant:
- Avoid legal complications by adhering to the extended deadline.
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Frequently Asked Questions
1. What is the difference between a belated and a revised ITR?
- A belated ITR is filed after the original due date.
- A revised ITR is filed to correct errors in an already submitted return.
2. Can I file both a belated and a revised ITR?
Yes, you can file a revised return even if the original ITR was filed belatedly.
3. What happens if I miss the January 15, 2025 deadline?
Missing this deadline may result in penalties, loss of refund claims, and other legal consequences.
Pro Tips for Hassle-Free Filing
- Organize Your Documents:
- Keep Form 16, TDS certificates, and bank statements handy.
- Double-Check Entries:
- Avoid common mistakes by carefully verifying income, deductions, and tax details.
- Seek Professional Help:
- Consult a tax expert if you find the process confusing or have complex incomes.
The extension of the ITR filing deadline to January 15, 2025, is a golden opportunity for taxpayers to fulfill their tax obligations and rectify any errors in their returns. Whether you missed the original deadline or need to revise your ITR, this is your chance to stay compliant and avoid penalties.
Take advantage of this extension and ensure a stress-free tax filing experience.
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