In a significant update for taxpayers, the Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing belated and revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25. The new deadline is now set for January 15, 2025, moving from the previous cutoff of December 31, 2024. This extension is particularly relevant for Indian resident individuals who may have missed the original deadline or need to amend their filings.
Background of the Extension
The decision to extend the ITR filing deadline comes in response to a recent directive from the Bombay High Court. The court ordered the CBDT to facilitate an extension until January 15, 2025, ensuring that taxpayers eligible for rebates under Section 87A can exercise their rights without facing procedural hurdles. The court emphasized that this move would allow taxpayers sufficient time to address any discrepancies in their filings, especially those related to mismatches between reported income and transactions in the Annual Information Statement (AIS).
Importance of Filing Belated and Revised ITRs
Filing a belated ITR is crucial for individuals who have not submitted their tax returns by the original deadline. A belated return allows taxpayers to fulfill their obligations and avoid additional penalties. However, it’s essential to note that while this extension provides more time, it does not eliminate potential late fees under Section 234F of the Income Tax Act.
Taxpayers are encouraged to review their financial documents carefully before submitting their returns. This extension will assist many individuals in ensuring that all income and transactions are accurately reported.
Additional Developments
In conjunction with this extension, the CBDT has also announced an extension of the Vivad Se Vishwas scheme, which allows taxpayers to resolve disputes related to tax dues. The deadline for determining tax dues and filing declarations under this scheme has been pushed to January 31, 2025.
Conclusion
This extension provides valuable relief for taxpayers who need more time to file their returns accurately. It is advisable for individuals to take advantage of this opportunity and ensure compliance with tax regulations before the new deadline.
Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. Taxpayers should consult with a qualified tax professional regarding their specific circumstances.
