Corporate GenieCorporate GenieCorporate Genie
+91-9717332997
info@corporategenie.in
India Canada
Corporate GenieCorporate GenieCorporate Genie

Furnishing Belated/Revised ITR for AY 2024-25 Extended

ITR-for-AY-2024-25-Extended

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!