Final Deadline for ITR Filing Approaches

December 31, 2024, is the ultimate deadline for submitting belated and revised income tax returns for FY 2023-24 (AY 2024-25). Despite various taxpayer categories having distinct ITR filing deadlines, the final date for belated and revised returns remains consistent. Many individuals are unaware of the implications of missing the December 31, 2024, submission deadline for FY 2023-24.

Consequences of Missing the Deadline

Failing to submit a belated return by December 31, 2024, carries specific consequences. Under Section 139(4) of the Income Tax Act, belated returns incur a Rs 5,000 penalty, regardless of outstanding tax amounts. A reduced penalty of Rs 1,000 applies for lower taxable income. However, individuals with income below the Rs 3 lakh basic exemption limit face no penalties.

Expert Insight on Revised Returns

Kinjal Bhuta, Secretary of Bombay Chartered Accountants' Society, highlights the importance of filing belated returns to claim refunds and certain losses. Missing the revised return deadline can limit opportunities for corrections and claims, potentially leading to increased interests and penalties if a notice is sent by the income tax department.