The last date for filing revised returns for assessment year 2024-25 (ie financial year 2023-24) was earlier 31 December. Which has now been extended for about two weeks. In such a situation, many people will be saved from paying a fine of up to Rs 5000.
There is good news for millions of taxpayers of the country who have not filed revised ITR or belated ITR till 31 December. Now such income taxpayers will be able to file their ITR till 15 January. The last date for filing revised returns for assessment year 2024-25 (ie financial year 2023-24) was earlier 31 December. The Income Tax Department said in a post on X that the Central Board of Direct Taxes has extended the last date for filing belated/revised income tax returns for assessment year 2024-25 from 31 December 2024 to 15 January 2025.
How much is the fine
The late fee for filing belated returns depends on one’s annual income. If your annual income is more than Rs 5 lakh, the government imposes a penalty of Rs 5,000 for filing a revised or belated return. However, if the income is less than Rs 5 lakh, the tax department charges a penalty of Rs 1,000 for filing a revised or belated return. Apart from the penalty, the taxpayer also has to pay penal interest on the outstanding tax amount. In case of ITR filed after July 31, you will be charged penal interest at the rate of 1 per cent per month.
A major disadvantage for taxpayers under the old tax regime is that they will now have to file ITR under the new tax regime, forgoing all the deduction and exemption benefits of the old regime. When you file ITR before the due date, you are paid interest at the rate of 0.5 per cent per month on the refund amount from April 1 to the date of refund. However, in case of belated returns, this interest is calculated from the date of filing the ITR to the date of refund.
How to file belated ITR
Login to your account on the e-filing portal. Then click on ‘e-file’ and select ‘Income Tax Return’ and choose ‘File Income Tax Return’. Select the year 2024-25 in the assessment year. Select the mode of filing as ‘Online’. Click on the ‘Start New Filing’ button. Then select the ITR form. Go to the ‘Personal Details’ section and check if all your details are correct. Go to the Filing section and select 139(4). Then fill in your income details and proceed to make the tax payment.
