ITR Filing Deadline Extended: Income Tax Department Extends Last Date for Year 2024-25 for Taxpayers

Huge relief to income taxpayers as the Central Board of Direct Taxes (CBDT) has extended the deadline for income tax returns (ITR) filing for the Assessment Year 2024-25. The Income Tax Department said that it had shifted the deadline for individuals from December 31 to January 15 to submit their ITR applications.

The deadline is extended to two categories of returns such are: belated returns under Section 139(4) and revised returns under Section 139(5). Belated returns is for the individuals who missed the initial filling deadline on July 31, 2024. Filing belated returns usually incurs penalties, including an interest charge of 1% per month under Section 234A and late filing fees amounting to Rs. 5,000 for incomes exceeding Rs. 5 lakh or Rs. 1,000 for incomes below this threshold.

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/DedADMfnGXpic.twitter.com/sBVdGZqxRF

— Income Tax India (@IncomeTaxIndia) December 31, 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," in post on X.

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On the other hand, Revised returns give taxpayers an opportunity to correct unintentional errors or omissions in their original filings. This method will allow individuals to correct adjustments such as correcting calculation mistakes, including overlooked income sources, adding deductions, or updating inaccurate details.

Revised returns come without penalties, entirely replace the original submission, and can be revised multiple times within the allowed period. This extension is specifically applicable to resident individuals who filed their original returns under Section 139(1) and need to either submit belated filings or make corrections to previously filed returns.