Belated & Revised ITR Filing Deadline Extended to 15th January 2025
The central Board of Direct Tax (CBDT) has extended the revised and belated income tax return filing deadline from 31st December 2024 to 15th January, 2025 only for resident individuals via circular 21/2024. Individuals who have already filed an income tax return on or before the deadline, and Individuals who have not yet filed income tax return can file a revised income tax return if required on or before 15th January 2025.
It is noteworthy that recently Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the income tax return filing deadline to resolve 87A rebate issue.
The Income Tax utilities for ITR-2 and ITR-3 have been updated to reflect the Section 87A rebate on special rate income, which was disallowed earlier on 5th July 2024 after the previous utility update.
Key Points to Note:
1️. Who is Affected?
Taxpayers with special rate income (e.g., capital gains, etc.) who are eligible for the Section 87A rebate.
2. Action Required:
Check if the updated utility allows for additional deductions or rebates for your income.
If eligible for more rebate/deduction, file a revised income tax return.
3️. Deadline for Revised Filing:
15th January 2025
Benefits of filing Income Tax return:
- Current year losses can be set off and loss from house property can even be carried forward to be set off against future income.
- Several countries now demand income tax return for visa applications
- If want to purchase insurance policy for more than 50 lakhs, income tax return filing is mandatory
- Income Tax return is mandatory if applying for loan.
- Refund of TDS, TCS deducted and advance tax paid if any can be claimed only by filing income tax return.
- Non filing of income tax return can lead to imprisonment and penal consequences under section 234F
- For high value transactions, mainly for transfer of certain assets, tax clearance certificate is required, which can be obtained only by a regular filing of income tax return.