Missed the Income Tax deadline? File your belated return by January 15

Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. The final date for submission is in one week, i.e., on January 15, 2025.

Originally, the deadline was set for Dec 31, 2024. However, the Central Board of Direct Taxes (CBDT), via circular (21/2024), extended the deadline to January 15. 

So, taxpayers who have yet to file their tax returns for FY 2023-24, or those who filed an incorrect return and therefore wish to revise it, are advised to do so within the next seven days. 

Revised ITR 

If you have made an error in your initial income tax return filing, you can file a revised return under section 139(5) of the Income Tax (I-T) Act. 

These are some of the instances wherein you can file a revised return:

Rectifying errors: If there are errors or omissions in your tax return, such as misreporting income, deductions, or others, you can submit a revised return to rectify these errors before filing the updated information.

Overlooked income: In some cases, you may have unwittingly missed reporting some income sources or certain deductions in your original ITR. In such cases, filing a revised return allows you to incorporate these overlooked details. 

This ensures that your tax assessment reflects comprehensive and accurate information.

Belated ITR

Taxpayers who missed the original filing deadline can still file a belated tax return after paying a penalty under Section 139 (4) of the Income Tax Act.

Penalties for late filing of an ITR in India are determined on income level:

A. For individuals with an income above ₹5 lakh, filing a belated return will incur a penalty of up to ₹5,000.

B. For taxpayers with a net taxable income of ₹5 lakhs or lower, the maximum penalty for filing a belated ITR is ₹1,000.