CBDT Extends Deadline for Filing Belated and Revised ITRs for AY 2024-25

The Central Board of Direct Taxes (CBDT) has announced an extension for filing belated and revised Income Tax Returns (ITRs) for the assessment year (AY) 2024-25. The new deadline is now January 15, 2025, up from the earlier due date of December 31, 2024.

This extension comes as a relief to taxpayers who missed the original deadline or need to make revisions to their already filed returns. The CBDT urged individuals to take advantage of the extra time to ensure the accuracy and completeness of their returns.

Steps for Filing Belated and Revised ITRs

Taxpayers who missed the original deadline can file a belated return by the new deadline, avoiding further penalties or interest charges. However, a late filing fee under Section 234F of the Income Tax Act may still apply.

For those who have already submitted their ITRs but noticed errors or omissions, a revised ITR can be filed to correct mistakes such as underreported income or incorrect deductions. The revised return must reflect the accurate income details, and any additional tax liability must be paid to avoid further penalties.

The CBDT has advised taxpayers to carefully review their Form 26AS and other relevant documents to ensure no discrepancies when filing. This proactive step will help prevent any future complications with the tax filing process.

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