ITR Filing Deadline: The final deadline for submitting belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is today, January 15, 2025. The Central Board of Direct Taxes (CBDT) granted a 15-day extension from the earlier deadline of December 31, 2024, to give taxpayers more time to comply.
If you’ve already filed your Income Tax Return (ITR) on or before the deadline, you can file a revised ITR if needed. However, to be eligible to file a revised ITR, you must have submitted your original ITR by the deadline, which was July 31, 2024, for the financial year 2023-24. Notably, missing this deadline will lead to extra costs, including penalties and interest on the late filing.
ITR Filing Deadline: Penalty
Missed the July 31, 2024, deadline for filing your Income Tax Return (ITR)? You can still file a belated return, but be aware of the penalties:
Late Fees
- Income up to Rs 5 lakh: Rs 1,000 late fee
- Income above Rs 5 lakh: Rs 5,000 late fee
Interest Liability
- If you have outstanding tax liability, you’ll also pay interest under Section 234A.
- Interest is calculated at 1% per month or part of the month from July 31, 2024, until the date of filing.
Steps To File Belated ITR
- Login: Go to the Income Tax e-Filing Portal and log in using your PAN number.
- Choose Form: Select the right ITR form based on your income sources.
- Select Year: Choose Assessment Year 2024-25 for Financial Year 2023-24.
- Fill Details: Enter your income, deductions, and tax liability.
- Pay Dues: Pay any late fees, interest, or penalties.
- Submit & Verify: Verify your return using Aadhaar OTP, net banking, or physical submission.
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