ITR Filing Deadline Extended to January 15, 2025: A Final Chance for Taxpayers
CBDT has extended the time for filing belated and revised ITRs for the AY 2024-25 on an official basis. The government’s taxpayers now have until the 15th of January 2025, to file amended returns to correct wrong previously filed returns, or file returns that were not previously filed since the extended deadline is the 31st of July.
Revised and Belated ITRs: What You Need to Know
Revised ITRs:
Revised ITRs have been filed under Section 139(5) of the Income Tax Act, with an opportunity for the taxpayers to make amendments to their earlier filed ITRs. It gives sufficient time to correct inefficiencies, oversights, or any mistakes, that would otherwise prevent the filing of a coherent and strong case.
Belated ITRs:
These are intended for those taxpayers who could not meet the initial filing deadline. However, filed ITRs come with some particular disadvantages which include late filing penalties and restricted deductions. For instance, it makes the allowed standard deduction of ₹50,000 the only possibility.
What Happens If You Miss the January 15 Deadline?
Failure to file by January 15, 2025, could lead to:
Penalties: Fines to be made in cash where Unit(s) does not achieve the laid down SHE performance targets.
Loss of Carry-Forward Benefits: This has the implication that taxpayers may be locked out of the opportunity to forward losses to the following years.
Legal Notices: Threats in one respect mean that certain issues will succeed in catching the eyes of the tax authorities or fail to comply with set standards.
Important Guidelines for Taxpayers
File Promptly: It will also be wise not to adopt end-of-turn-in during projects to minimize the likelihood of reaching invalid conclusions.
Ensure Accuracy: Income declaration should also be reviewed for tidiness to eliminate occurrences of the following possibilities;
Seek Expert Advice: You should be advised that you seek assistance from a tax consultant, particularly for your situation.
FAQs
1. If I file a belated ITR can I still claim a deduction for tax purposes?
Subtractions for the late ITRs are restricted only to some of the minimal deductions such as the standard deduction of ₹ 50,000.
2. What happens if I miss the January 15, 2025, deadline?
Failure to meet the deadline will cost penalties, loss of the possibility to carry forward/defer benefits, and receive notices in legal matters.
