ITR Filing Deadline, January 15, 2025: Taxpayers who have not filed their belated or revised Income Tax Return or ITR for the financial year 2024-25 have a narrow chance to do the same on Wednesday, January 15.
The Central Board of Direct Taxes (CBDT) extended the deadline to January 15 to allow these taxpayers some relaxation in matching with their books first and then filing their belated/revised ITRs accordingly.
“The Central Board of Direct Taxes (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,” the department said in a circular dated December 31, 2024.
The original deadline to file the income tax returns was July 31, 2024. However, the belated income tax returns can be filed if the taxpayer has not filed any ITR on or before the actual deadline and wants to file after the deadline.
The CBDT has emphasised the need for taxpayers to disclose foreign assets and income properly. The department has also raised awareness of the need to accurately report their foreign income and assets in their Income Tax Returns (ITR).
The department has provided a detailed step-by-step guide in the ITR form, specifically in the “Foreign Assets and Income” schedule, where taxpayers can report their foreign income and assets.
This rule applies specifically to resident taxpayers, as defined under Section 6 of the Income Tax Act.
Non-resident Indians (NRI) who return to India with foreign assets must disclose their foreign assets and income for the years they qualify as residents.
Failing to file the ITR can lead to a loss of opportunity to file or revise your return for AY 2024-25 and additional penalties for default.
What is revised and belated ITR?
A revised ITR can be filed if the original ITR was filed on or before the deadline (July 31, 2024, for FY 2023-24). This allows corrections or updates to the original return.
A belated ITR is filed when a taxpayer misses the original deadline. The person is subject to late fees and penalties.
(With PTI inputs)
