ITR Filing 2024-25: If a taxpayer is unable to file income tax return by 31 July, then the Income Tax Department gives him a chance to file ITR by 31 December. This is called belated return. Taxpayers filing belated return have to pay a penalty
ITR Filing 2024-25: If for some reason you missed filing Income Tax Return (ITR) by 31st July, then you have a chance to file belated ITR till 15th January. If you want to revise your ITR, then you have a chance till 15th January for this also. Generally, the last date for filing belated return and revised return is 31st December. But, this time the Central Board of Direct Taxes (CBDT) has extended this deadline till 15th January after the order of the Bombay High Court.
What is belated income tax return?
If a taxpayer is unable to file Income Tax Return by 31st July, then the Income Tax Department gives him a chance to file ITR by 31st December. This is called Belated Return . Taxpayers filing belated return have to pay a penalty. The penalty for income more than Rs 5 lakh per annum is Rs 5,000. The penalty for people with an annual income of less than Rs 5 lakh is Rs 1,000. Apart from this, interest is also charged on the tax of taxpayers.
What is the meaning of Revised Income Tax Return?
If a taxpayer feels that wrong information has been entered in his income tax return, he can file a revised return. Generally, its deadline is 31 December. This time the deadline for this has also been extended by 15 days. This means that a taxpayer can revise his income tax return till January 15, 2025. This facility has been provided by the Income Tax Department keeping in mind such taxpayers who inadvertently forget to mention any income related information in ITR.
What will happen if belated return is not filed?
If a taxpayer does not file a belated income tax return by January 15, 2025, then he is allowed to file ITR-U under section 139(8A) of the Income Tax Act. For this, he will have to pay a penalty of Rs 5000. Apart from this, additional tax of 25 percent or 50 percent of the tax amount will also have to be paid. This will depend on when the taxpayer files ITR-U. ITR-U for FY24 can be filed till March 31, 2027. Actually, it has to be filed within 2 years of the end of the relevant financial year.
What are the benefits of filing returns by July 31?
Tax experts say that CBDT has allowed those taxpayers to file income tax returns even after the deadline, who for some reason miss filing ITR by the last date. But, taxpayers do not get many facilities on filing belated or ITR-U. Therefore, taxpayers should try to file income tax returns by the due date i.e. 31st July.
