The deadline to file your belated or revised Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is today, January 15, 2025. Taxpayers who missed the original filing deadline of July 31, 2024, still have this opportunity to fulfil their tax obligations. Failure to meet today’s extended deadline can result in significant consequences, including penalties and legal notices.
The Central Board of Direct Taxes (CBDT) extended the deadline from December 31, 2024, to January 15, 2025, providing additional time for taxpayers to finalize their returns. Here’s everything you need to know about filing belated or revised ITRs, including penalties and key distinctions between the two types of returns.
Revised vs. Belated ITR: Know the Difference
Revised ITR:
Applicable if the original ITR was filed on or before the initial deadline (July 31, 2024).
Allows taxpayers to correct errors or omissions in the originally filed return.
Belated ITR:
Filed when the taxpayer misses the original deadline.
Attracts late fees and penalties, depending on the taxpayer’s income.
Penalties for Belated ITR Filing
Filing a belated return comes with specific penalties based on your income:
Income up to ₹5 lakh: ₹1,000 late fee.
Income above ₹5 lakh: ₹5,000 late fee.
In addition, interest under Section 234A may apply if there are outstanding tax liabilities. The interest is calculated at 1% per month or part of the month from the original deadline (July 31, 2024) until the filing date.
Consequences of Missing the Deadline
Failing to file your ITR by the January 15 deadline has serious repercussions, such as:
Loss of Filing Opportunity: You forfeit the chance to file or revise your ITR for AY 2024-25.
Notices from Tax Authorities: The Income Tax Department may issue legal notices for non-compliance.
Additional Penalties: You could face higher penalties or prosecution under income tax laws for defaulting on your obligations.
Why It’s Important to File on Time
Filing your ITR is not just a legal obligation; it’s also crucial for maintaining a clean financial record. A filed ITR is often required to obtain loans, apply for visas, and make high-value transactions. Filing a belated or revised return today ensures compliance and minimizes penalties.
Gather Required Documents: Collect essential documents, such as Form 16, bank statements, and investment proofs.
Calculate Tax Liability: Use the Income Tax Department’s online portal or seek professional help to calculate your dues accurately.
File Online: Submit your ITR via the official e-filing portal www.incometax.gov.in.
Act Now to Avoid Penalties
Today’s deadline offers taxpayers a final chance to meet their obligations for the financial year 2023-24. Acting promptly is imperative, as late filing can result in penalties and potential legal notices.
File your belated or revised return by January 15 to avoid complications and ensure peace of mind.
