I-T Department extends belated, revised ITR filing deadline to Jan 15

The decision follows a recent order from the Bombay High Court, which directed the CBDT to extend the deadline for filing belated and revised ITRs for Assessment Year (AY) 2024-25

The Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for filing belated and revised Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25 to January 15.

 

“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 December 31, 2024 to January 15, 2025,” CBDT said in a circular.

 

 

July 31 was the last date for all the individual taxpayers to file their return for financial year 2024 (FY24), who do not have audit obligations. 

Recently, the Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for filing Income Tax Returns (ITR) until the judgment on the 87A tax rebate case is delivered. 

What did the court say?

 

“…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,” the court said.

 

“This extension applies exclusively to resident individual taxpayers, offering them a valuable opportunity to cross-verify their income declarations, ensuring no discrepancies are reported in their ITRs, and to file revised returns in case of any errors. This measure is expected to significantly reduce the quantum of notices to be issued against the taxpayers for income mismatches between the Annual information statement and ITRs,” said Kunal Savani, partner, Cyril Amarchand Mangaldas.

 

What if you miss the new deadline?

 

“Missing the deadline for filing your belated Income Tax Return (ITR) for financial year 2023-24 can have several consequences. Penalties for late filing may increase significantly, and you could lose certain benefits, such as the ability to carry forward losses,” said Amit Bansal, partner, Singhania & Co.