Many taxpayers have not been able to file income tax yet due to technical problems. There is a relief news for them. Actually, the Bombay High Court has ordered the Central Board of Direct Taxes (CBDT) to extend the deadline for filing belated income tax returns. This deadline was ending on December 31, 2024.
For how many days is the deadline extended?
The Bombay High Court has asked the CBDT to extend the deadline for filing belated income tax returns to at least January 15, 2025. This means that taxpayers will now get enough time to file belated or revised returns.
Why did the High Court order to extend the deadline
Actually, the Chamber of Tax Consultants had filed a Public Interest Litigation (PIL). It was said that there have been many changes in the procedure of ITR utility. Due to this, taxpayers are facing difficulty in claiming rebate under section 87A of the Income Tax Act, 1961. Therefore, an order should be given to extend the deadline.
What is belated ITR filing?
The facility of filing belated income tax return is for those taxpayers who for some reason miss filing ITR by 31 July. Belated return can be filed by paying penalty and interest on tax under section 139(4) of the Income Tax Act. Its deadline is usually December 31, 2024, which has now been ordered to be extended.
How much penalty has to be paid?
It depends on the annual income of the taxpayers. Taxpayers whose annual income is more than Rs 5 lakh have to pay a penalty of Rs 5,000. At the same time, those with income less than Rs 5 lakh have to pay a penalty of Rs 1,000. After the Bombay High Court extended the deadline, now taxpayers can file belated returns till January 15, 2025.
How to file belated ITR return?
- Visit the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/login) of the Income Tax Department site.
- Log in to the e-Filing Portal using your PAN number.
- Select the correct ITR form according to your income source.
- Now select Assessment Year 2024-25 for FY2023-24.
- Give details of income, tax deduction and dues etc. here.
- Now pay the outstanding interest and penalty and submit the form.
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