Furnishing Belated/Revised ITR for AY 2024-25 Extended
The Central Board of Direct Taxes (CBDT) has extended the deadline for furnishing belated and revised Income Tax Returns (ITRs) for the Assessment Year 2024-25 to 15th January 2025.
What Does This Mean for Taxpayers?
1. Belated Returns:
Taxpayers who missed the original deadline now have extra time to file their ITR under Section 139(4). However, a late filing fee under Section 234F may still be applicable.
2. Revised Returns:
Taxpayers who need to correct any mistakes in their originally filed return can now revise it under Section 139(5) by the new deadline.
Why This Extension Matters
• Ample Time: This provides taxpayers with additional time to ensure compliance.
• Accuracy: Allows for rectifying errors and omissions, minimizing the risk of penalties or scrutiny.
• Tax Benefits: Ensures taxpayers can claim eligible benefits such as loss carryforward, deductions, and exemptions.
How to File Your ITR
1. Visit the Income Tax Department’s e-filing portal: www.incometax.gov.in.
2. Select the relevant ITR form for AY 2024-25.
3. Choose the appropriate option: Belated Return or Revised Return.
4. Complete the form and submit.
5. Verify the return using available options like Aadhaar OTP or net banking.
This extension is a welcome relief, offering taxpayers the chance to comply with tax regulations and correct their filings without unnecessary stress. File now to avoid last-minute rush and ensure compliance!