ITR Filing Deadline: Last Day To File Belated Income Tax Returns Today, Know Penalty for Late Submission and How To File ITR
The deadline for submitting belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is today, January 15, 2025, from the original deadline of December 31, 2024.
New Delhi, January 15: The deadline for submitting belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is today, January 15, 2025, from the original deadline of December 31, 2024. This extension, announced by the Central Board of Direct Taxes (CBDT), gives taxpayers an additional 15 days to comply with the filing requirements.
Taxpayers who missed the initial ITR filing deadline of July 31, 2024, can submit a belated ITR by January 15, 2025. Individuals who have already filed an ITR may also file a revised ITR if necessary. However, revisions cannot result in increased refunds, reduced tax liabilities, or additional losses. ITR Filing Last Date: How To File Income Tax Return for FY 2024 Online? As Deadline Nears, Know All About ITR E-Filing.
Penalties for filing a belated return are imposed based on income levels. For income up to INR 5 lakh, the late fee is INR 1,000, while for income above INR 5 lakh, the fee rises to INR 5,000. Additionally, interest under Section 234A may be levied on outstanding tax liabilities, calculated at 1% per month from the original due date. What Is the Current Income Tax Rate in India? Ahead of Budget 2024-25, Know Income Tax Slabs, Rates Under Old and New Regimes.
How To File ITR?
- Visit the official website of the Income Tax Department.
- Enter your PAN number.
- Choose the applicable ITR form based on your income.
- Select AY2024-25 for FY 23-24.
- Enter personal information, discounts, and income statements.
- Pay the applicable late fee and make the submission using the Aadhaar linked OTP.
- Verify your return by submitting an online or physical copy to the Income Tax Office.
Failing to meet the January 15 deadline means losing the opportunity to file or amend your ITR for the current assessment year. Non-compliance could lead to penalties and legal notices from the Income Tax Department, along with the inability to carry forward any tax losses. Taxpayers are encouraged to file their returns promptly to avoid these consequences.
(The above story first appeared on LatestLY on Jan 15, 2025 11:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).