The Central Board of Direct Taxes (CBDT) has given an extension for resident people to file their belated or revised Earnings Tax Returns (ITR) for the Evaluation 12 months (AY) 2024-25.
Which means that all those that should file their return by December 31, however have not accomplished so, will get an extra two weeks to do it.(Representational Picture/Pixabay)
The brand new deadline is January 15, 2025, whereas the unique one was December 31, 2024.
Which means that all those that should file their return by immediately (December 31), however have not accomplished so, will get an extra two weeks to do it.
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“CBDT extends the last date for furnishing Belated/ Revised return of income for AY 2024-25 in the case of Resident Individuals from 31st December, 2024 to 15 January 2025,” the earnings tax division introduced in a publish on X (previously Twitter).
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Particulars about belated ITR submitting
Taxpayers initially had till July 31, 2024 to file their ITRs for the monetary yr 2023–24 (AY 2024–25). Nevertheless, they may additionally do it later, however until December 31, by paying a cost for the delay.
The cost is ₹1,000 if the overdue tax quantity is lower than ₹5 lakh, and ₹5,000 if the tax return’s worth exceeds ₹5 lakh.
What’s a revised ITR?
A revised ITR is completed when a taxpayer makes errors within the return or fails to incorporate necessary info.
Whom does the deadline extension profit?
Aside from giving taxpayers generally, extra time to file their returns, the deadline extension would even be very helpful for residents with international property or international earnings, in response to Vivek Jalan, Accomplice at Tax Join Advisory Providers LLP.
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“In the past many SMSes as well as e-mail communications has been sent by the CBDT to residents who had foreign asset or foreign income to disclose it in Indian ITRs filed by them,” he mentioned. “Recently also SMSes as well as e-mail communications have been sent by the CBDT to residents who had a mismatch between their Annual Information Statement (AIS) and ITRs or other informations available.”
The deadline extension provides “some relaxation to these taxpayers to match first with their books and then file their belated/revised ITRs accordingly,” he added.