The Central Board of Direct Taxes (CBDT) initially set December 31, 2024, as the deadline for filing belated or revised Income Tax Returns (ITR). However, this was extended by 15 days to give taxpayers additional time, making January 15, 2025, the final date for submission.
Key Deadlines for Taxpayers
- Original Deadline: December 31, 2024.
- Extended Deadline: January 15, 2025.
- Taxpayers who have yet to file their tax returns for FY 2023-24 or who need to amend an earlier submission should ensure completion before this date.
Revised Income Tax Return: What You Should Know
Taxpayers can correct errors in their original or belated ITR by filing a revised return under Section 139(5) of the Income Tax Act, 1961.
Key Features: 
- Adjust errors, claim missed deductions, or disclose additional income.
- A revised return must be submitted three months before the end of the assessment year or before the assessment is completed, whichever is earlier.
- Unlimited revisions are allowed but should be limited to avoid scrutiny.
- A revised return cannot:
- Increase refunds.
- Reduce reported tax liability.
- Claim new losses.
Belated Income Tax Return: Filing After the Deadline
A belated ITR is filed after the original deadline but before the final cutoff date. For FY 2023-24:
- The original deadline was July 31, 2024.
- The revised deadline for late returns is January 15, 2025.
Key Points:
- Filed under Section 139(4) of the Income Tax Act.
- Penalties:
- ₹5,000 for most taxpayers.
- ₹1,000 for individuals with incomes below the taxable threshold.
- No penalty for taxable incomes below ₹3 lakh.
- Only the new tax regime applies to belated returns for FY24.
Impact of the New Tax Regime on Late Returns
Effective April 1, 2023, the new tax regime is the default option for filing belated returns. Taxpayers cannot opt for the old tax regime, which offers several exemptions and deductions.
Under the new tax regime:
- Deductions available:
- ₹50,000 (standard deduction).
- Employers contribute up to 10% of their basic salary to the National Pension System (NPS).
Higher Penalty for Missed Deadline
If taxpayers fail to file their ITR by January 15, 2025:
- They will be subject to a penalty of ₹10,000.
Key Takeaways
The extended deadline of January 15, 2025, offers taxpayers a final chance to submit belated or revised returns for FY24 without incurring higher penalties. Ensuring timely submission can help avoid penalties and maintain compliance with tax obligations.
