ITR Filing Deadline: Income Tax Department extends belated, revised ITR filing deadline to January 15, 2025 for these taxpayers
The Income Tax Department has extended the revised and belated income tax return (ITR) filing deadline to January 15, 2025 for Indian resident individuals. Individuals who have already filed an ITR on or before the deadline, they can file a revised ITR if required. Belated ITR is filed when the individual has not filed any ITR on or before the deadline and wants to file an ITR after the original deadline has passed. The original deadline to file an ITR for individuals was July 31, 2024.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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"The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income-tax Act,1961 ('the Act'), extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 st December, 2024 to 15th January, 2025," said CBDT in a circular dated December 31, 2024.
"Many tax payers received intimation for mismatch of transactions appearing in AIS and income/transactions reported in ITR. Extension will help taxpayer to check if any Income/Transactions is not reported/mis reported in ITR and file revised return," says Mihir Tanna, Associate Director, SK Patodia & Associates LLP, Chartered Accountants.
Bombay High Court orders ITR deadline extension
It is noteworthy that recently Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the ITR filing deadline until the judgement for the 87A tax rebate case is announced.In an order dated December 20, 2024, Bombay High Court said: "“…By way of interim relief, the respondent, Central Board of Direct Taxes is hereby directed to forthwith issue requisite notification under Section 119 of the Act extending the due date for e-filing of the income-tax returns in relation to the assessees who are required to file a return of income by December 31, 2024, at least to January 15, 2025. This extension is to ensure that all taxpayers eligible for the rebate under Section 87A are afforded the opportunity to exercise their statutory rights without facing procedural impediments.”
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Chartered Accountant Himank Singla, partner, SBHS and Associates, says, "The extended deadline applies specifically and only to Resident Individuals. The original deadline of 31 December 2024 has been extended to 15 January 2025.
Singla says: "The Order dated December 20, 2024, issued by the Bombay High Court in PIL No. 32465 of 2024, directed the CBDT to extend the deadline for filing belated/revised returns under Sections 139(4) and 139(5) of the Income-tax Act, 1961. This directive ensures that taxpayers eligible for the Section 87A rebate are not deprived of their statutory rights due to procedural impediments, such as modifications in utility software introduced mid-year. The case is listed for a final hearing on January 9, 2025.
In compliance with the court's order, the CBDT issued Circular No. 21/2024, exercising powers under Section 119 of the Income-tax Act. This circular formalized the extension, allowing resident individuals to file their belated/revised returns for the Assessment Year 2024-25 by January 15, 2025, ensuring equitable access to the Section 87A rebate.
This extension is particularly beneficial for resident individuals eligible for the Section 87A rebate, ensuring they can wait for the Court's Final Order and then revise their returns as per directions of the Court - in the hope that the demands get extinguished."
"The extension follows directions from the Bombay High Court in the case of Chamber of Tax Consultants vs. Director General of Income Tax (Systems) & Others, Case No. 32465 of 2024. It aims to provide relief to taxpayers affected by modifications to the income tax return utility, ensuring their right to claim the rebate under Section 87A of the Income Tax Act, 1961. Notably, other resident individuals not impacted by the utility changes also stand to benefit from this extension," says chartered accountant Deepak Chopra, chairman of direct tax committee, Karnataka State Chartered Accountant Association (KSCAA).
Source: Income Tax DepartmentWhat is the revised and belated ITR filing deadline for AY 2024-25?
The new deadline is January 15, 2025. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
