Income Tax Due Extension has been Announced by the CBDT
Today, the official announcement of CBDT (Central Board of Direct Taxes) with the extension for the Income Tax Returns (ITRs) has made the individuals sigh of relief. The ITRs of the resident individuals for the assessment year 2024-2025 is now changed from December 31, 2024 to January 15, 2025. This is to make the individuals cross check whether the given information is accurate or not, if they find mistakes they are instructed to utilise this extension time.
This decision was declared after the judgement of directing the CBDT to extend the deadline to file belated and revised ITRs from the Bombay High Court.
| Belated ITR | Revised ITR |
| The belated ITR which has been missed by an individual/taxpayers can submit the ITR by January 15, 2025This will prevent them from paying penalty and interest charges.If they fail to submit it on time then they will be charged of fine under Section 234F of Income Tax Act | If the taxpayer finds a mistake in their ITR, they can utilise this extension to change the errors or omissions.The revised return can be submitted by January 15, 2025 |
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