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The due date for filing belated returns u/s 139(4) and revised returns u/s 139(5) of the Income Tax Act, 1961 for AY 2024-25 in the case of resident individuals has been extended from from 31st December, 2024 to 15th January, 2025. Please refer to CBDT Circular No. 21/2024 dated 31st December, 2024 for details.
Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing a belated ITR, subject to a penalty of up to Rs 5,000. Additionally, December 31, 2024, is the final date for submitting a revised ITR.
A belated ITR is a tax return filed after the original due date or any extended deadline. This can happen due to various reasons, such as oversight, unforeseen circumstances, or financial difficulties. While filing a belated return can lead to penalties and interest, understanding the process and consequences is crucial for ensuring compliance with tax laws.