The final date for filing belated or revised Income Tax Returns (ITR) for the Financial Year 2023-24 is just around the corner. Taxpayers now have until January 15, 2025, to fulfill their tax obligations without incurring steep penalties. Initially set for December 31, 2024, the Central Board of Direct Taxes (CBDT) extended the deadline by 15 days to provide individuals more time to file accurately.
What Is a Belated Income Tax Return?
A belated income tax return is filed after the original deadline set by the Income Tax Department. For FY 2023-24, the initial due date for filing ITRs was July 31, 2024. Those who missed this date still have the option to file a belated return. However, failing to do so by January 15, 2025, will result in penalties.
Key Points About Belated Returns:
- Governed by Section 139(4) of the Income Tax Act.
- Attracts a penalty of ₹5,000. For taxpayers with income below ₹5,00,000, the penalty reduces to ₹1,000.
- No penalty if taxable income is below the exemption limit of ₹3,00,000.
Revised Income Tax Return: A Second Chance
Taxpayers who have already filed their returns but need to make corrections can file a revised ITR. This provision allows individuals to rectify errors such as:
- Omissions of income.
- Missed deductions.
- Incorrect declarations of bank accounts or other assets.
Important Guidelines for Revised Returns:
- Permitted under Section 139(5) of the Income Tax Act.
- Can be filed multiple times before the assessment is complete.
- Must be submitted within three months before the end of the assessment year.
- Not allowed once a regular scrutiny assessment under Section 143(3) has been completed.
Caution: While multiple revisions are allowed, excessive amendments can invite scrutiny from the Income Tax Department.
Understanding Penalties for Missing Deadlines
Failing to meet the January 15, 2025, deadline will result in significant penalties:
- ₹5,000 for belated returns filed before January 15, 2025.
- ₹10,000 for returns filed after January 15, 2025.
Exemptions from Penalties:
- Taxable income below ₹3,00,000.
- Income below ₹5,00,000 attracts a reduced penalty of ₹1,000.
Tax Regimes: Old vs. New
For FY 2023-24, the new tax regime is the default option. Belated returns must align with this structure, offering limited exemptions.
| Feature | Old Tax Regime | New Tax Regime |
|---|---|---|
| Standard Deduction | Not applicable | ₹50,000 |
| Employer’s NPS Contribution | Not applicable | Up to 10% of basic salary |
| Other Deductions & Exemptions | Available (e.g., Section 80C, 80D) | Not available |
Filing Your Belated or Revised Return
To avoid penalties and ensure compliance, it’s crucial to file your ITR promptly. Follow these steps:
- Visit the official Income Tax e-filing portal.
- Log in using your PAN and password.
- Choose the appropriate option for filing belated or revised returns.
- Ensure all income sources, deductions, and bank details are accurately updated.
- Submit your return before January 15, 2025, to avoid late penalties.
FAQs
What is the new deadline for belated and revised ITRs?
The new deadline is January 15, 2025, extended from the original date of December 31, 2024.
What happens if I miss the revised deadline?
You will incur a penalty of ₹10,000 for filing after January 15, 2025.
Can I file a revised return multiple times?
Yes, under Section 139(5), you can revise your return multiple times until the assessment is complete.
Is there any penalty for incomes below ₹3,00,000?
No, taxpayers with income below ₹3,00,000 are exempt from late filing penalties.
What are the key differences between the old and new tax regimes?
The old regime offers various exemptions and deductions, while the new regime provides a standard deduction of ₹50,000 and limited exemptions.
Can I choose the old tax regime for belated returns?
No, belated returns for FY 2023-24 must be filed under the new tax regime.
Are there any penalties if no tax is due but I file late?
Yes, a late filing fee applies even if no tax is due unless your income is below ₹3,00,000.
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