NEW DELHI, Dec 31: Taxpayers who have yet to submit their income tax (IT) returns can breathe a sigh of relief as the Central Board of Direct Taxes (CBDT) has announced an extension for filing belated or revised returns for the assessment year 2024-25 (AY25) until January 15, 2025.
Originally, the deadline for submitting these returns was set for December 31, 2024.
According to a circular issued by the CBDT on Tuesday, “In exercise of its powers under section 119 of the Income-tax Act, 1961 (the Act), the deadline for filing belated or revised income tax returns for the Assessment Year 2024-25 has been extended to January 15, 2025, for resident individuals, moving the date from the previous December 31, 2024.”
For those taxpayers who are not required to undergo an audit, the initial deadline for filing returns for AY25 was July 31, 2024. If this deadline was missed, belated submissions remain acceptable until December 31, 2024.
It is important to note that filing a belated return may incur late fees under Section 234F of the Income Tax Act. A fee of Rs 5,000 applies if the return is filed after the established due date under Section 139(1). However, if the individual’s total income is Rs 5 lakhs or below, the late fee is reduced to Rs 1,000.
