Belated Revised Return Filing Deadline Extend:There is good news for the taxpayer. After the direct tax controversy over the Vishwas scheme, the government has now extended the deadline for filing belated and revised returns. After this decision of the government, there is a big relief to those taxpayers who have not been able to file their billed or revised returns till now.
Through a circular issued on Tuesday, December 31, 2024, the Income Tax Department said that the deadline for billed and revised returns for the financial year 2023-24 i.e. assessment year 2024-25 has now been extended to January 15, 2025. Earlier its last date was fixed as 31 December 2024.
CBDT extends the last date for furnishing Belated/ Revised return of income for AY 2024-25 in the case of Resident Individuals from 31st December, 2024 to 15th January, 2025.
✅Circular no. 21/2024 dated 31/12/2024 issued-https://t.co/DedADMfnGX pic.twitter.com/sBVdGZqxRF
— Income Tax India (@IncomeTaxIndia) December 31, 2024
What is billeted return?
Taxpayers who are unable to file their tax returns on time have an option to file a late return which is called a belated return. Billed returns have to be filed under Section 139(4) of the Income Tax Act. The last date to file income tax return for the financial year 2023-24 i.e. assessment year 2024-25 was 31 July 2024.
Belated returns are filed after the original deadline i.e. 31st July. This provision as per section 139(4) of the Income Tax Act allows taxpayers who have missed the deadline to submit their returns within a certain time limit. Taxpayers can now file belated returns for the financial year 2023-24 (AY 2024-25) till January 15, 2025.
Also read: Vivad Se Vishwas Scheme deadline Extend: Due to controversy, deadline of Vishwas Scheme extended, now you can avail benefits till this date
Who are the revised returns for?
Revised Return is an option that allows taxpayers to rectify mistakes or omissions made in their previously filed Income Tax Return (ITR). This process is available under Section 139(5) of the Income Tax Act, 1961. The Income Tax Department, through a circular issued on Tuesday, said that for the financial year 2023-24 (AY 2024-25), taxpayers can file revised returns by January 15, 2025 instead of December 31, 2024.
How much penalty will have to be paid for filing returns late?
If a person does not file a return of income under section 139(1) in time or within the time limit prescribed under a notice issued under section 142(1), he may file a return for any previous year. This return can be filed three months before the end of the relevant assessment year or before the end of the assessment year, whichever is earlier. However, filing belated return may result in penalty under section 234F. If the return is filed after the due date prescribed under Section 139(1), then a late fee for filing belated return of Rs 5,000 will have to be paid under Section 234F. However, if the total income of the individual does not exceed Rs 5 lakh, the amount of late filing fee will be Rs 1,000.
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Why is it necessary to file belated return?
Even though there may be some problems in filing belated returns, it is more beneficial than not filing at all. Many reasons account for this
Legal Responsibility: Filing returns is a legal requirement. If you do not fill it, you may have to face legal problems.
Avoidance of penalty: Those who do not file returns may receive a notice from the Income Tax Department and may also be fined.
Financial Documents: ITR is important for various financial transactions like visa applications and loan approvals
Peace of mind: Following tax laws gives you peace of mind and can avoid problems in the future.
Therefore, filing belated returns is not only a better option, but it can also be beneficial for your financial future.
If you file your return after the normal deadline, you may have to pay a penalty of Rs 5,000 but if your total income is less than Rs 5 lakh, this penalty will be reduced to Rs 1,000.
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How to file belated return
See here step by step process to file belated return
First of all go to the e-filing website of the Income Tax Department.
Log-in with the help of PAN.
Now select AY 2024-25 and ITR form.
Now fill the required information.
pay tax
Finally, confirm and submit the return through Aadhaar OTP, Net Banking or physical verification.
Failure to file billed return will result in huge loss
If your annual income from all sources is more than Rs 5 lakh and you miss the deadline of January 15, 2025 to file ITR for assessment year 2024-25, you may have to pay a penalty of Rs 10,000.