Belated ITR Deadline: All taxpayers have to file ITR by 31 July. If a taxpayer is unable to file ITR by the due deadline, then he has to file Belated ITR with a penalty. Its deadline was earlier 31 December 2024, which has now been extended by the Income Tax Department to 15 January 2025. Let us know the complete details.
Belated ITR Deadline: Many taxpayers have not yet been able to file their Income Tax Return (ITR) for the financial year 2024. There is good news for them. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing belated income tax returns to 15 January 2025. Earlier this deadline was ending on 31 December 2024.
Why did CBDT extend the deadline
Actually, recently the Bombay High Court had ordered the CBDT to extend the deadline for filing belated income tax returns at least till January 15, 2025. The High Court gave this decision on the Public Interest Litigation (PIL) of the Chamber of Tax Consultants.
The petitioner argued that there have been many changes in the procedure of ITR utility. Due to this, taxpayers are facing difficulty in claiming rebate under section 87A of the Income Tax Act, 1961. Therefore, the deadline for filing belated ITR will be extended.
What is belated ITR filing?
The deadline for filing income tax returns is till July 31, 2024. Belated ITR facility is available for those taxpayers who could not file their ITR till this date. Under section 139(4) of the Income Tax Act, belated returns can be filed by paying penalty and interest on tax. Its deadline was till December 31, 2024, which has now been extended to January 15, 2025.
How much penalty has to be paid?
It depends on the annual income of the taxpayers. If the annual income of the taxpayer is more than Rs 5 lakh, then he has to pay a penalty of Rs 5,000. At the same time, those with income less than Rs 5 lakh have to pay a penalty of Rs 1,000. After extending the deadline, now taxpayers can file belated returns till January 15, 2025.
How to file belated ITR return?
- Go to the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/login) of the Income Tax Department site.
- Log in to the e-Filing Portal with the help of PAN number.
- Select the correct ITR form according to your income source.
- Now select assessment year 2024-25 for FY2023-24.
- Give details of income, tax deduction and dues etc. here.
- Now pay the outstanding interest and penalty and submit the form.
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