ITR Filing Deadline: The last day to file belated or revised Income Tax Returns for the AY 2024-25 is January 15, 2025.
ITR Filing Deadline 2025: As the financial year draws to a close, taxpayers are racing against the clock to meet the extended deadline for filing their Income Tax Returns (ITRs). With the Central Board of Direct Taxes (CBDT) granting a much-needed breather by extending the deadline, individuals now have a final opportunity to file belated or revised returns for the Assessment Year (AY) 2024-25. Here’s everything you need to know about the penalties, steps, and consequences of missing this crucial deadline.
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Belated Income Tax Return Deadline
The last day to file belated or revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25 is January 15, 2025. In a recent notification, the CBDT extended the deadline for furnishing these returns. Initially set for December 31, 2024, the deadline was pushed forward by two weeks.
The extension applies to both belated returns, filed after the original deadline, and revised returns, for correcting errors in previously filed returns. To be eligible for filing a revised return, taxpayers must have submitted their original ITR before the due date of July 31, 2024.
Official Notification
According to a circular issued by the CBDT on December 31, 2024, “The Central Board of Direct Taxes (CBDT), in the exercise of its powers under Section 119 of the Income-tax Act, 1961, extends the last date for furnishing belated returns under subsection (4) of Section 139 or revised returns under subsection (5) of Section 139 for AY 2024-25 from December 31, 2024, to January 15, 2025, for resident individuals.”
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Belated Income Tax Return Penalty: Late ITR Filing Charges
Filing a belated return incurs a penalty of up to Rs 5,000. However, if your total income is less than Rs 5 lakh, the penalty is capped at Rs 1,000.
Belated ITR Due Date For AY 2024-25
- July 31, 2024: Original due date for salaried individuals and taxpayers without audit obligations.
- January 15, 2025: Final deadline for belated or revised returns for AY 2024-25.
What Are Belated and Revised Returns?
- Revised Return: If you discover an error or omission in your original ITR, you can file a revised return by January 15, 2025.
- Belated Return: If you miss the original July 31 deadline, a belated return can be filed by January 15, 2025.
Consequences of Missing the January 15 Deadline
What If Belated Return Is Not Filed?
Failing to file or revise your ITR by January 15 may result in the following:
- Inability to File: After January 15, you will no longer be able to file or amend your ITR for AY 2024-25.
- Penalties and Notices: Non-compliance may attract additional penalties and notifications from the Income Tax Department.
- Loss of Benefits: Filing late results in losing the ability to carry forward losses to offset future tax liabilities.
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Avoid Last-Minute Hassles
To file your belated or revised return, visit the Income Tax Department’s e-filing portal (www.incometax.gov.in) and follow the step-by-step process. Filing early helps avoid penalties and ensures you do not miss out on crucial tax benefits.