• Source:JND
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TR Filing Deadline 2025: The CBDT extends the deadline until January 15, 2025, the last date for furnishing belated or revised ITRs for Assessment Year 2024-25. CBDT further allowed fifteen days of relaxation by the Central Board of Direct Taxes itself, extending past December 31, 2024, allowing compliance.

For which persons has the CBDT permitted to submit the revised ITR?

Only individuals, who have already filed their ITR on or before the due date, can file a revised return. However, to file for a revised ITR, the original return must have been submitted on or before July 31, 2024, which was the original due date for the financial year of 2023-2024.

How many times can an ITR be revised?

According to Section 139(5) of the Income Tax Act, of 1961, changes can be made as many times as needed before the closure of the assessment or up to three months before the completion of the assessment year. Still, there's a basic limitation on changes because they cannot be used to declare a higher refund, reduce tax liabilities previously set, or claim additional losses.

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What is a belated ITR?

A belated ITR is an ITR filed after it becomes due but before it is distinctly mentioned as late. The original deadline for the assessment year 2024-25 was July 31, 2024. On missing the deadline, one could still file a belated ITR but with strict consequences.

Standard deductions and tax regimes

For belated returns for FY 2023-24, the standard deduction is Rs 50,000. Some other exemptions based on fresh tax laws apply only to NPS contributions.

Late ITR filing penalties

If your ITR is filed after July 31, 2024, but before January 15, 2025, then there is a late fee-
- If Income is less than Rs 5 lakh- Rs 1000
- If Income above Rs 5 lakh- Rs 5000

Interest, under Section 234A, will also be levied in addition to the tax due, at the rate of 1% per month from the originally due date. That is July 31, 2024, till the date of filing.

What If You Fail To File by January 15?

If you do not file your return by January 15, 2025, you will not be allowed to file the return or amend it for the relevant AY of 2024-25. The consequences include:

Additional Penalties- You may be exposed to more penalties, as determined by the Income-Tax Department, for non-filing.

Legal Notices- You may be blackmailed by notices from tax authorities if your income statements show that you have earned income from various sources that are not disclosed.

Loss of Carry Forward Benefit- The losses and the corresponding deductions may be carried forward if filing is done before July 31, 2024.

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