Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25
Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 Filing income tax returns accurately and on time is a critical responsibility for taxpayers. However, unforeseen circumstances can sometimes delay compliance, leading to the need for belated or revised returns. Recognizing such challenges, the Central Board of Direct Taxes (CBDT) has extended the due date for furnishing belated and revised income tax returns for the Assessment Year (AY) 2024-25 for resident individuals. Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 This blog provides a comprehensive overview of the extension and its implications for taxpayers.
Official Announcement Details
The CBDT, exercising its powers under Section 119 of the Income-tax Act, 1961, issued an order extending the last date for:
- Belated Income Tax Returns under Section 139(4).
- Revised Income Tax Returns under Section 139(5).
The original deadline of 31st December 2024 has been extended to 15th January 2025 for resident individuals.
Understanding Belated and Revised Returns
Belated Returns (Section 139(4))
A belated return is filed after the original due date specified under Section 139(1). Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 Taxpayers who miss the initial deadline can still comply by filing a belated return. Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 However, belated returns are subject to penalties and interest under various sections of the Income-tax Act.
Revised Returns (Section 139(5))
A revised return allows taxpayers to correct errors or omissions in their originally filed return. This provision ensures that honest mistakes do not result in undue penalties or scrutiny. A revised return must be filed within the prescribed timeline, which now aligns with the extended deadline for AY 2024-25.
Who Benefits from This Extension?
This extension is primarily beneficial for resident individuals who:
- Failed to file their income tax returns by the original due date.
- Identified errors or omissions in their previously filed returns and need to revise them.
Implications of the Extension
- Reduced Stress for Taxpayers
Taxpayers now have an additional 15 days to file their returns, offering a breather for those facing delays due to personal or professional reasons.
- Opportunity to Rectify Errors
The extension provides individuals more time to carefully review their financial data and rectify any discrepancies in their original filings.
- Avoidance of Non-Compliance Penalties
Timely filing of belated or revised returns within the extended period helps avoid penalties for non-compliance and reduces the risk of additional scrutiny by tax authorities.
How to File Belated or Revised Returns
Follow these steps to file your return within the extended deadline:
- Log in to the Income Tax e-Filing Portal Visit the official Income Tax website and log in using your credentials.
- Select the Correct ITR Form Choose the appropriate ITR form based on your income source and category.
- Enter Details Carefully Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 For belated returns, ensure all income details, deductions, and exemptions are accurately reported. For revised returns, make the necessary corrections in the relevant sections.
- Verify and Submit Review your return thoroughly, pay any applicable taxes, and submit the form. Ensure that the return is verified using an Aadhaar OTP, net banking, or by sending a physical copy to CPC, Bengaluru.
Key Reminders for Taxpayers
- Interest and Penalties Apply: Filing a belated return may attract interest under Section 234A and penalties under Section 234F. However, timely compliance within the extended date minimizes these liabilities.
- Avoid Last-Minute Filing: To ensure smooth filing, avoid waiting until the last day, as technical issues or documentation errors can cause delays.
- Consult Professionals: Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 If you are unsure about filing procedures or have complex income sources, seek advice from a tax professional to avoid mistakes.
Conclusion
The CBDT’s decision to extend the due date for furnishing belated and revised income tax returns for AY 2024-25 is a welcome relief for resident individuals. This extension underscores the government’s commitment to supporting taxpayers in fulfilling their obligations without undue pressure. Extension of Due Date for Furnishing Belated/Revised Income Tax Returns for AY 2024-25 Taxpayers should leverage this opportunity to ensure compliance and avoid penalties by filing accurate returns within the extended timeline.
For further assistance or queries, visit the official Income Tax e-filing portal or consult a tax advisor.
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