ITR filing deadline extended. Details here. The Central Board of Direct Taxes (CBDT) has extended the deadline for resident individuals to submit their belated or revised Income Tax Returns (ITR) for the Assessment Year 2024-25.
Previously set for December 31, 2024, the new deadline is now January 15, 2025, providing taxpayers an extra two weeks to complete or amend their filings.
The CBDT shared this update on X, announcing, “The deadline for resident individuals to file Belated/Revised returns for AY 2024-25 has been extended from December 31, 2024, to January 15, 2025.
The deadline extension applies to two specific groups. Firstly, it benefits individuals who missed the original ITR filing deadline of July 31, 2024, and had until December 31 to submit a belated return. Secondly, it provides additional time for taxpayers to revise and correct errors in their previously filed returns.
As per current regulations, filing a belated return incurs a late fee. Taxpayers with taxable income below₹5 lakh are charged₹1,000, while those with taxable income exceeding₹5 lakh face a late fee of₹5,000.
Taxpayers frequently make mistakes or overlook details when filing their ITR, such as omitting income information or claiming incorrect deductions. A revised return enables them to correct these errors, ensuring compliance with tax laws and potentially avoiding penalties or scrutiny.
Despite ongoing efforts to promote tax compliance, only a small fraction of India’s population files income tax returns. Minister of State for Finance, Pankaj Chaudhary, recently informed Parliament that just 6.68% of India’s population filed ITRs during the 2023-24 fiscal year.
In the fiscal year 2023-24, 6.68% of the population filed Income Tax Returns, amounting to 8,09,03,315 individuals, as informed to the Rajya Sabha on December 17.
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The extended deadline is intended to offer relief to taxpayers who struggled to meet the previous December 31 deadline. It also ensures that individuals requiring updates or corrections to their returns have adequate time to do so without rushing.