CBDT Extends Deadline for Filing Belated and Revised Income Tax Returns: A Relief for Resident Individuals

In a significant move to provide relief to resident individuals, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing belated and revised income tax returns for the financial year 2023-24 (assessment year 2024-25). This extension comes as part of Circular No. 21/2024, acknowledging the challenges faced by taxpayers in meeting the original deadlines.

What Has Changed?

The deadline for filing:

1. Belated Returns under Section 139(4), and
2. Revised Returns under Section 139(5),

has been extended from the original due date of December 31, 2024, to January 15, 2025.

This extension applies to resident individuals  who either missed filing their returns within the original due dates or needed to correct any errors or omissions in their originally filed returns.

Who Benefits From This Extension?

1. Resident Individuals who missed the initial deadlines: If you couldn’t file your return by July 31,2024(the original due date for most individuals), or by October 31, 2024 (for taxpayers requiring tax audits), you now have an extra time  to file a belated return.
2. Resident Individuals requiring corrections: If you discovered an error or omission in your previously filed return, you can now file a revised return until the new deadline.

Implications for Taxpayers

1. Avoiding penalties: Filing a belated return by the extended deadline will help avoid penalties and other compliance actons .
2. Claiming tax refunds: Taxpayers who missed the original filing deadlines can still file their returns to claim refunds.
3. Rectifying mistakes: The revised return facility ensures that any inaccuracies in the original return can be corrected without legal repercussions.

What Should Taxpayers Do Now?

If you are Resident Individual and you were  required to file income-tax return a taxpayer but failed to  file within due date  or needs to file a revised return, take advantage of this extension. Ensure all your documents are in order, calculate your income and tax liability accurately, and file before January 15, 2025, to avoid penalties and ensure compliance.

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