ITR Filing Deadline: Last Day To File Late Returns? Check Details Here
A revised Income Tax Return (ITR) can only be filed if the original ITR was submitted on or before the due date, July 31, 2024, for the financial year 2023-24
ITR Filing Deadline Extended: The final deadline for submitting belated or revised Income Tax Returns (ITR) for the assessment year 2024-25 is today, January 15, 2025. The Central Board of Direct Taxes (CBDT) has extended the original deadline of December 31, 2024, by 15 days to give taxpayers more time to complete their filings. This extension is to ensure that individuals and businesses who missed the original deadline or need to revise their returns have sufficient time to comply with the tax filing requirements.
Individuals who submitted their ITR before the deadline can file a revised ITR if needed. However, a revised ITR can only be filed if the original ITR was submitted on or before the due date, July 31, 2024, for the financial year 2023-24.
Why Deadline Extention?
Controversy erupted over the Section 87A tax rebate, which came to light following changes made by the tax department to its ITR software in July last year. These updates led to many taxpayers being unable to claim the 87A tax rebate on short-term capital gains from equity shares. Some even received demand notices when attempting to claim it.
In response, the Bombay High Court directed the income tax department to extend the deadline for filing revised and belated ITRs to January 15, 2025, allowing taxpayers the opportunity to claim the 87A tax rebate.
The court directed the income tax department to extend the deadline for filing revised and belated ITRs to January 15, 2025, allowing taxpayers to claim the 87A tax rebate. This ruling provides interim relief in the ongoing dispute.
What Is Section 87A Tax Rebate?
The Section 87A tax rebate allows taxpayers to avoid paying any tax if their income does not exceed Rs 5 lakh under the old tax regime or Rs 7 lakh under the new tax regime. The maximum rebate under these two regimes is Rs 12,500 for the old regime and Rs 25,000 for the new regime.
However, some tax experts argue that the deadline should be further extended, as taxpayers have not had sufficient time to file claims for refunds due to the complications surrounding the rebate.
Top Headlines
