Income Tax News: CBDT Extends Deadline for Furnishing Belated and Revised Returns for AY 2024-25

Income Tax News: In a significant update for taxpayers, the Income Tax Department has extended the deadline for furnishing belated and revised returns for the Assessment Year (AY) 2024-25. The new deadline for resident individuals is now set for January 15, 2025, providing more time for individuals to comply with tax filing requirements. This decision was announced today via a post on X (formerly Twitter) by the Central Board of Direct Taxes (CBDT).

CBDT’s Official Announcement

The CBDT, in exercise of its powers under section 119 of the Income-tax Act, 1961, confirmed the extension of the deadline. The announcement, made on X, read:

"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 15th January, 2025."

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 15th January, 2025.

✅Circular no. 21/2024 dated 31/12/2024 issued-https://t.co/DedADMfnGX pic.twitter.com/sBVdGZqxRF

— Income Tax India (@IncomeTaxIndia) December 31, 2024

This extension is aimed at giving taxpayers more time to complete their returns and ensure compliance with the law, especially considering the busy year-end period.

Details of the Income Tax Circular

The circular issued by the CBDT further clarified that the extension applies specifically to belated returns of income under section 139(4) and revised returns under section 139(5) of the Income-tax Act. The new deadline for resident individuals to file these returns is now January 15, 2025, up from the original deadline of December 31, 2024.

This move comes as part of the government's ongoing efforts to provide relief and convenience to taxpayers, especially those who might have missed the earlier deadline due to various reasons.

What This Means for Taxpayers

For resident individuals who have not yet filed their income tax returns for AY 2024-25, this extension provides a much-needed grace period to complete the process. Whether it's a belated return for those who missed the earlier deadline, or a revised return to correct any errors, taxpayers now have an additional 15 days to fulfill their tax obligations.

The extension gives taxpayers more time to ensure that their returns are accurate, complete, and compliant with tax laws, thus avoiding penalties and interest charges.

With the Income Tax Department's latest update, individuals now have more time to file their belated or revised returns for the Assessment Year 2024-25. This extension offers much-needed relief and ensures that taxpayers can submit their returns with the correct information by January 15, 2025.