ITR Submitting Deadline, January 15, 2025: Taxpayers who haven’t filed their belated or revised Revenue Tax Return or ITR for the monetary 12 months 2024-25 have a slender likelihood to do the identical on Wednesday, January 15.
ITR Submitting Deadline: The unique deadline to file the revenue tax returns was July 31, 2024.(HT File)
The Central Board of Direct Taxes (CBDT) prolonged the deadline to January 15 to permit these taxpayers some leisure in matching with their books first after which submitting their belated/revised ITRs accordingly.
“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,” the division mentioned in a round dated December 31, 2024.
The unique deadline to file the revenue tax returns was July 31, 2024. Nevertheless, the belated revenue tax returns will be filed if the taxpayer has not filed any ITR on or earlier than the precise deadline and needs to file after the deadline.
The CBDT has emphasised the necessity for taxpayers to reveal international belongings and revenue correctly. The division has additionally raised consciousness of the necessity to precisely report their international revenue and belongings of their Revenue Tax Returns (ITR).
The division has offered an in depth step-by-step information within the ITR type, particularly within the “Foreign Assets and Income” schedule, the place taxpayers can report their international revenue and belongings.
This rule applies particularly to resident taxpayers, as outlined below Part 6 of the Revenue Tax Act.
Non-resident Indians (NRI) who return to India with international belongings should disclose their international belongings and revenue for the years they qualify as residents.
Failing to file the ITR can result in a lack of alternative to file or revise your return for AY 2024-25 and extra penalties for default.
What’s revised and belated ITR?
A revised ITR will be filed if the unique ITR was filed on or earlier than the deadline (July 31, 2024, for FY 2023-24). This permits corrections or updates to the unique return.
A belated ITR is filed when a taxpayer misses the unique deadline. The particular person is topic to late charges and penalties.
(With PTI inputs)