The Central Board of Direct Taxes (CBDT) on Tuesday extended the last date for filing delayed/revised income tax return (ITR) for assessment year 2024-25 in case of resident individuals from December 31, 2024 to January 15, 2025. This means that individuals who missed the original due date of filing their ITR or need to amend previously filed returns now have an additional two weeks to do so. If you are also among them, then complete this work as soon as possible.
Income Tax Department posted
According to the news, the Income Tax Department said through a tweet that CBDT has extended the last date for submission of delayed/revised income tax returns for assessment year 2024-25 in case of resident individuals from December 31, 2024 to January 15, 2025. The Central Board of Direct Taxes (CBDT), in exercise of its powers under section 119 of the Income Tax Act, 1961 (‘Act’), extends the last date for furnishing revised income tax returns.
Late ITR filing
Individual taxpayers had time till July 31 to file their ITR for the financial year 2023-2024 (AY 2024-25), but they could do so before December 31 by paying a fee. If the amount of overdue return is less than ₹5 lakh, the taxpayer will have to pay a fee of ₹1,000, and if the value of the tax return is more than ₹5 lakh, then he or she will have to pay a fee of ₹5,000.
Only 6.68% population filed ITR in financial year 2023-24
Minister of State for Finance Pankaj Chaudhary told Parliament on December 17 that only 6.68 percent of India’s population has filed income tax returns in the financial year 2023-24. Chaudhary said in a written reply in the Rajya Sabha that the total number of people filing income tax returns in the financial year 2023-24 is 8,09,03,315. According to a survey conducted a few days ago, most of the income tax filers have advocated for simplification of ITR process and calculation of incentives and deductions. Deloitte’s income tax policy survey also suggested eliminating the need to issue Form 16A.
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