Guwahati: The Central Board of Direct Taxes (CBDT) has extended the deadline for resident individuals to file belated or revised Income Tax Returns (ITR) for the Assessment Year 2024-25.
Originally set for December 31, 2024, the new deadline provides taxpayers until January 15, 2025, for submissions.
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The extension, announced on X by the CBDT, uses the board’s powers under Section 119 of the Income-tax Act, 1961.
It applies to individuals who missed the initial July 31, 2024, deadline or need to revise their previously filed returns.
Late filers are subject to fees: Rs 1,000 for incomes below Rs 5 lakh and Rs 5,000 for incomes above Rs 5 lakh. Filing revised returns allows taxpayers to correct errors and avoid penalties.
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The extension offers relief to taxpayers and encourages compliance amidst low ITR filing rates, with only 6.68% of India’s population filing returns in FY 2023-24.