The deadline to file Income Tax Returns (ITR) for the Financial Year 2023-24 has been extended to January 15, 2025. The Income Tax Department made this announcement to give taxpayers extra time to submit their revised and belated returns. The Central Board of Direct Taxes (CBDT) in a circular dated December 31, 2024, stated, “The CBDT, in exercise of its powers under section 119 of the Income-tax Act,1961 ('the Act'), extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 st December 2024 to 15th January 2025.”
ITR Filing Deadline For FY 2023-24
The final deadline for filing belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is now January 15, 2025. The Central Board of Direct Taxes (CBDT) has extended the original deadline of December 31, 2024, by an additional 15 days to give taxpayers more time to complete the process. It’s advisable to file your return as soon as possible to avoid penalties and other complications.
Penalties For Late Filing
If you miss the ITR filing deadline, you may face several penalties and consequences based on how late you file. Taxpayers who fail to meet the deadline can still submit a belated tax return, but they will be subject to a penalty under Section 139(4) of the Income Tax Act. The penalty is structured as follows:
- For taxable income up to Rs 5 Lakh, the penalty is Rs 1,000.
- For taxable income above Rs 5 lakh, the penalty is Rs 5,000.
You may also have to pay interest on outstanding tax dues under Sections 234A and 234B.
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How To File An ITR After The Due Date
Even if you miss the filing deadline, you can still submit your return. Here’s what you need to do:
1. To file your Income Tax Return, visit the official website of the Income Tax Department. Then enter your PAN number to log in.
2. Next, carefully choose the correct ITR form based on your income details.
3. Make sure to select the Assessment Year 2024-25 for the Financial Year 2023-24.
4. Now fill in your personal information, along with any deductions and income details.
5. If you're filing after the deadline, don't forget to pay the applicable late fee. Then you can complete your submission using an Aadhaar-linked OTP.
6. Finally, verify your return either by e-filing it or by sending a signed physical copy to the Income Tax Office.
While it’s always best to file your ITR before the due date, you can still file a belated return, but keep in mind the penalties and interest charges that may apply.
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