Income Tax Return: Check Final Day To File Late ITR, Penalty Details

Taxpayers who have not yet filed their Income Tax Return (ITR) for the financial year 2023-24 have a narrow window of opportunity to submit their late or revised returns. The final deadline for submitting belated or revised ITRs for the assessment year 2024-25 is today, January 15. This extension gives taxpayers sufficient time to gather necessary documents, calculate their tax liabilities, and submit their returns without incurring penalties. Taxpayers must meet this deadline, as failing can result in severe consequences, including legal notices, penalties, and other complications.

"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.

Key Differences Between Revised and Belated ITR:

• Can only be filed if the original ITR was filed on or before the deadline (July 31, 2024, for FY 2023-24)
• Allows corrections or updates to the original return.

• Filed when taxpayer misses original deadline
• Subject to late fees and penalties

If you missed the July 31, 2024, ITR filing deadline, you can still file a belated return, but with penalties:

- Income up to ₹5 lakh: ₹1,000 late fee
- Income above ₹5 lakh: ₹5,000 late fee

Additionally, you may incur interest under Section 234A if you have outstanding tax liabilities:

- 1% interest per month or part of the month from July 31, 2024, until the filing date

• Loss of opportunity to file or revise your return for AY 2024-25
• Notices from the Income Tax Department
• Additional penalties for default