Income Tax Return Submission Extension: The Central Board of Direct Taxes (CBDT) has expanded the deadline for submitting late or revised returns for the Assessment Year 2024-25.

Income Tax Return Submission Extension: The Central Board of Direct Taxes (CBDT) has expanded the deadline for submitting late or revised returns for the Assessment Year 2024-25.

The deadline for filing an Income Tax Return (ITR) for the financial year 2023-24 has been extended to January 15, 2025, for resident individuals. This extension applies to both belated and revised ITRs.

What is a Belated ITR?

A belated return is a submission of a tax return after the originally stipulated deadline, as per Section 139(1) of the Income Tax Act, 1961. This typically applies when the return is filed after July 31st for non-audit cases for individuals.

Implications of Filing a Belated ITR

Filing a belated return comes with several implications.

1. Late Filing Fees

A late filing fee is applicable under Section 234F. For total income less than Rs. 5 lakh, the fee is Rs. 1,000, and for incomes exceeding Rs. 5 lakh, it is Rs. 5,000.

2. Interest Charges

Additional interest may be charged on outstanding tax amounts for each month or part thereof until the return is filed under Section 234A.

3. Carry Forward of Losses

Losses under certain heads like business or capital gains cannot be carried forward if the return is filed late. However, losses under house property can still be carried forward.

4. Legal Consequences

Failing to file a return can lead to more severe legal consequences, such as notices from the Income Tax Department or disallowance of deductions.

5. Refund Claims

Taxpayers can still claim a refund while filing a belated return, provided the return is e-verified and the bank account is pre-validated for refund receipt.

6. Penalties for Repeated Delays

A penalty under Section 271F might be applicable if the return is not filed after the due date, unless the income does not require mandatory filing.

Key Points

• Taxpayers filing a revised ITR may still be liable to pay a late filing fee under Section 234F of the Income Tax Act.
• Taxpayers are urged to verify their Form 26AS and other relevant documents to avoid any discrepancies when filing.
• The new deadline for filing an ITR for the financial year 2023-24 is January 15, 2025.
• The deadline for filing a revised ITR with late fees was December 31, 2024, but has now been extended to January 15, 2025.
• The original deadline for filing an ITR for the financial year 2023-24 was July 31, 2024.
• A revised ITR can be filed by January 15, 2025, if there are errors or omissions in the original return.
• For taxpayers with an income less than Rs 5 lakh, the penalty amount for filing ITR after the deadline is Rs 1,000.
• The Central Board of Direct Taxes (CBDT) has extended this deadline by 15 days.
• The Central Board of Direct Taxes (CBDT) has extended the deadline for filing both belated and revised ITRs by 15 days.

Filing a belated ITR provides an opportunity for taxpayers to legally complete their tax obligations after missing the deadline but involves additional costs and potential penalties. However, it is preferable to filing a belated return rather than not filing at all to avoid more severe legal consequences.

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