CBDT Extends Due Date for Filing Belated and Revised ITR for AY 2024-25
As the end of the year approached, the Central Board of Direct Taxes (CBDT) provided much-needed relief to taxpayers by extending the due date for furnishing belated and revised Income Tax Returns (ITR) for Assessment Year (AY) 2024-25.
According to Circular No. 21/2024, dated December 31, 2024, the CBDT has utilized its powers under Section 119 of the Income-tax Act, 1961, to extend the deadline for resident individuals. The last date for filing:
- Belated ITRs under Section 139(4)
- Revised ITRs under Section 139(5)
has been extended from December 31, 2024, to January 15, 2025.
Implications of the Extension
This extension is a significant step for resident individuals who may have missed filing their income tax returns or need to make corrections to their previously filed returns. It provides an additional 15 days to ensure compliance without facing penalties associated with non-filing.
What Should Taxpayers Do?
- Act Quickly: Make use of this extension to either file a belated return or correct errors in your originally filed ITR.
- Review Documents: Verify all income sources, deductions, and other details to avoid any discrepancies.
- Consult Professionals: Reach out to tax consultants or accountants to ensure your filing is accurate and complete.
Circular No. 21/2024 in Brief
The official circular is a concise document that states the revised deadlines and reiterates the CBDT's commitment to aiding taxpayers. Below is the official notice issued by the CBDT:
Circular No. 21/2024
F. No. 225/205/2024ITA-II
Government of India, Ministry of Finance, Department of Revenue
Subject: Extension of due date for furnishing belated/revised return of income for the Assessment Year 2024-25 in certain cases- reg.
The CBDT, in exercise of its powers under Section 119 of the Income-tax Act, 1961, has extended the due date for furnishing belated return of income under Section 139(4) or revised return of income under Section 139(5) for AY 2024-25 in the case of resident individuals from December 31, 2024, to January 15, 2025.
(Dr. Castro Jayaprakash. T)
Under Secretary to the Government of India
Conclusion
This extension demonstrates the CBDT’s understanding of the challenges faced by taxpayers. Resident individuals are encouraged to use this opportunity to ensure their tax filings are up to date. For further guidance or assistance, consult with tax professionals or visit the official income tax website.
For personalized accounting and tax services, feel free to reach out to MM Tax Club for expert assistance!