ITR Filing Deadline: Last Day to Submit Late Returns and Penalties

The last day to file belated or revised  ITR (Income Tax Returns) for the AY 2024-25 is January 15, 2025. The  CBDT (Central Board of Direct Taxes) has extended the original deadline of December 31, 2024, by 15 days to give taxpayers extra time.

Filing a Revised ITR

Taxpayers who have already filed their ITR before the deadline can still file a revised return if needed. A revised return can be filed only if the original return was filed by the deadline (July 31, 2024) for the FY 2023-24.

Penalties for Late Filing

If you miss the July 31, 2024 deadline, you can still file a belated return, but there are penalties:

• Income up to ₹5 lakh: Late fee of ₹1,000.
• Income above ₹5 lakh: Late fee of ₹5,000.

Additionally, you may be charged interest under Section 234A if there is any unpaid tax, calculated at 1% per month from the original due date (July 31, 2024).

What Happens If You Miss the January 15 Deadline?

Missing the January 15, 2025, deadline means you won’t be able to file or amend your ITR for AY 2024-25. Non-compliance can lead to legal notices and further penalties for failing to file an ITR.

Consequences of Late Filing

• Carry Forward Losses: If you file after the original deadline, you won’t be able to carry forward any tax losses to offset future taxes.
• Legal Notices: The Income Tax Department collects income details from various sources. Failure to file may lead to penalties and legal notices.

How to File a Late Return

• Use the Income Tax Department’s e-filing portal for quick and easy submission.
• Double-check your income, deductions, and tax payments to avoid errors.
• Make sure to pay any outstanding tax, interest, or penalties before submitting your return.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.