ITR Filing Deadline: Last Chance To File Late ITR – Penalties And Key Details Inside

New Delhi: Taxpayers who haven’t filed their Income Tax Return (ITR) for the financial year 2023-24 must act quickly. Today, January 15, is the deadline to submit late or revised returns for the assessment year 2024-25. The Central Board of Direct Taxes (CBDT) extended the original deadline of December 31, 2024, by 15 days to give taxpayers extra time to complete their filings.

The extension applies to both belated returns which are filed after the original deadline and revised returns which allow taxpayers to correct mistakes in previously filed returns. However, to file a revised return, taxpayers must have submitted their original ITR by the original due date of July 31, 2024.

Main Differences Between Revised and Belated ITR:

A revised ITR can only be filed if the original return was submitted on or before the deadline (July 31, 2024, for FY 2023-24). It allows taxpayers to make corrections or updates to their original filing. On the other hand, a belated ITR is filed when a taxpayer misses the original deadline and is subject to late fees and penalties.

Penalty for Filing a Belated Income Tax Return: 

Filing a belated Income Tax Return comes with a penalty of up to Rs 5,000. However, if your total income is less than Rs 5 lakh, the penalty is reduced to a maximum of Rs 1,000.

To file your belated or revised return, simply visit the Income Tax Department’s e-filing portal at www.incometax.gov.in and follow the easy step-by-step instructions. Filing early not only helps you avoid penalties but also ensures you don’t miss out on important tax benefits.

If you fail to file your ITR by tomorrow, you could lose the opportunity to file or revise your return for AY 2024-25. In addition, you may receive notices from the Income Tax Department and face additional penalties for the delay.