If for some reason you missed filing Income Tax Return (ITR) by July 31, then you have a chance till January 15 to file belated ITR. If you want to revise your ITR, you have time till January 15 for this also. Generally the last date to file belated return and revised return is 31st December. But, this time the Central Board of Direct Taxes (CBDT) has extended this deadline till January 15 after the order of the Bombay High Court.
If a taxpayer is not able to file income tax return by 31st July, then the Income Tax Department gives him the opportunity to file ITR till 31st December. This is called billed return. Taxpayers who file belated returns have to pay penalty. The penalty is Rs 5,000 for annual income more than Rs 5 lakh. The penalty is Rs 1,000 for people with annual income less than Rs 5 lakh. Apart from this, interest is also charged on taxpayers’ taxes.
If a taxpayer feels that wrong information has been added to his income tax return, he can file a revised return. Generally its deadline is 31st December. This time the deadline for this also has been extended by 15 days. This means that any taxpayers can revise their income tax return till January 15, 2025. The Income Tax Department has provided this facility keeping in mind those taxpayers who unknowingly forget to mention any information related to income in the ITR.
If a taxpayer does not file the belated income tax return by March 15, 2025, he is allowed to file ITR-U under Section 139(8A) of the Income Tax Act. For this he will have to pay a penalty of Rs 5000. Apart from this, additional tax of 25% or 50% will also have to be paid on the tax amount. This will depend on when the taxpayer files ITR-U. ITR-U for FY24 can be filed till March 31, 2027. Actually, it has to be filed within 2 years of the end of the concerned financial year.