Income Tax Department Announces Deadline Extension

The Income-Tax Department has officially extended the deadline for filing belated or revised income tax returns for the fiscal year 2023-24 to January 15, 2025. This decision provides taxpayers with additional time to ensure their financial records are accurate and complete.

Understanding the Extension

Previously, the deadline was set for December 31, 2024. However, recognizing the complexities involved in financial reconciliation, the Central Board of Direct Taxes (CBDT) has granted this extension. Vivek Jalan, a partner at Tax Connect Advisory Services LLP, emphasized the importance of this extension, allowing taxpayers to align their books before submitting their returns.

What This Means for Taxpayers

This extension is particularly beneficial for resident individuals who may need additional time to review and adjust their financial statements. It underscores the department's commitment to facilitating a smoother tax filing process and ensuring accuracy in financial reporting.