Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.

Belated ITR Filing 2024-25: The extended deadline for filing belated income tax returns or submitting revised returns for the assessment year 2024-25 is quickly approaching. The final date for submission is just a week away, on January 15, 2025.

Initially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.

If you are yet to file your tax return for FY 2023-24 or need to revise an already-filed return due to errors, ensure you complete the process before this extended deadline.

Filing a revised Income Tax Return (ITR)

Under Section 139(5) of the Income Tax Act, taxpayers can file a revised return to correct mistakes in their original filing. Here are common scenarios where a revised return may be necessary:

Rectifying errors: If your original return has mistakes, such as incorrect income reporting or deductions, you can submit a revised return to provide accurate information.

Overlooked income: If you missed declaring certain income sources or deductions in your original ITR, you can file a revised return and include these details, ensuring a complete and accurate assessment.

Filing a belated ITR

Taxpayers who missed the original deadline can still file a belated return under Section 139(4) of the Income Tax Act, but a penalty will apply.

Penalty for belated or revised ITR filing for AY 2024-25

The penalty amount for filing a belated or revised return depends on your annual income. The tax department imposes a penalty of Rs 5,000 for filing a revised or belated return in case your annual income is more than Rs 5 lakh. However, if your income is less than Rs 5 lakh, the income tax department levies a fine of Rs 1,000.

Besides the penalty, you will also be charged a penal interest on the outstanding tax

amount due. In the case of an ITR field after July 31, you will be charged a penal interest rate of 1% per month.

Filing revised or belated ITR not allowed under Old Tax Regime

One major loss for taxpayers under the old tax regime is that they need to file the ITR under the new tax regime, foregoing all the deduction and exemption benefits of the old regime.

When you file ITR before the due date, you are paid an interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of a belated return, this interest gets calculated from the date of ITR filing till the date of refund.

No carry forward of losses: Belated ITR filers are not allowed to carry forward their losses to subsequent assessment years.

Steps to file belated ITR for AY 2024-25:

Log into your account on the e-filing portal
Click on ‘e-File’ and Choose ‘Income Tax Returns’
and select ‘File Income Tax Return’Select Assessment Year 2024-25
Select the mode of filing as ‘Online’
Click on the ‘Start New Filing’ button
Select the applicable status
Now, select the applicable ITR form
Go to ‘Personal Information’ section and ensure all your personal details are correct.
Go to the filing section and select 139(4).
Fill all your income details under various source heads and proceed to make the tax payment.