New ITR Deadline Announced: Extended Timeline for Belated and Revised Returns

It extends the deadline for filing belated, revised ITRs, which is welcome respite to those taxpayers who couldn’t file income tax returns within the due dates for various reasons. The move has ensured further time to meet the tax compliance requirements of individuals and businesses so that they may avoid penalties and other legal hassles.

This piece of writing presents a descriptive summary about the extended deadline for filing ITRs, the implications of this, and every other important information that the taxpayer needs to know to maximize this window.

Knowledge of Belated and Revised ITRs

Before getting into the details, the reader must first understand the meanings of belated and revised ITRs:

Belated ITRs:

  • These are returns filed after the due date has elapsed.
  • Taxpayers are also allowed to file their returns as late returns if they are unable to present them before the due date, and for this, they have to bear a penalty or interest rate.

Revised ITRs:

  • These are corrections of mistakes or omissions contained in the original return. It is an avenue through which the submission can be updated without legal severe consequences on account of it as long as such corrections are effected before the stated deadline.
  • The CBDT has extended the date of submission of belated and revised returns up to January 31, 2025. The date was earlier set as December 31, 2024, but challenges necessitated additional time for the board.
  • Extensions are available for those who had missed the original deadline or the extended deadline to file and taxpayers needing to file revised returns because of errors, omissions or changes in financial information.

Why The Date Was Extended?

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The CBDT has extended the date after considering several reasons:
Technical Snags:
On account of technical snags on the e-filing portal of Income tax, the majority of taxpayers have borne a hardship for not being able to file in time.
Complexity In Compliance Requirement:
It is so because a new taxation law is bringing out new forms. Time needs to be spent by a person in updating their affairs according to it.
Recovering From Pandemic:
Although the pandemic’s peak has passed, ripples of its occurrence continue to interfere with financial and administrative work cycles for most individuals and business concerns.

Taxpayer Issues
The relief addresses taxpayer complaints and pleas by industry groups to provide level playing fields to comply.

Advantages of the Extended Deadline

New ITR Deadline Announced Extended Timeline for Belated and Revised Returns

The above extended timeline benefits taxpayers in multiple ways:

No Penalty:

  • It saves the taxpayers from suffering heavy penalties and interest rates on delayed submissions.
  • It is a window where taxpayers can identify and rectify mistakes in their original returns.

Ease of Compliance:

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This additional time will enable taxpayers to gather any missing documents, review their accounts, and complete their returns.

Less Stress:

The process of filing taxes is a stressful situation for most individuals. The extension gives room to breathe out and reduces the anxiety that comes with last-minute stress.

How to File Late or Amended ITRs

To make the most of this extended deadline, follow these steps:

  1. Log in to Income Tax Portal
    Visit the official Income Tax e-filing portal: https://www.incometax.gov.in.
    Login with your credentials.
  2. Choose the Correct Form
    Select the right ITR form based on your source of income and category, if you are an employee, businessman, etc.
  3. File Belated Return
    If you are not able to file return before the due date, then you have to opt for the “Belated Return” while filling the form.
  4. Amendment of Your Return
    To correct, choose “Rectified Return” and state the details of the return initially filed with its acknowledgement number and date of filing.
  5. Authenticate and Submit
    Ensure that all the information is correct and accurate
    Validate with electronic Aadhaar OTP authentication or net banking authentication
  6. Download Acknowledgment
    Save and download the acknowledgement to use as a reference document for later
    Important to Know

Late Return Penalty:
Under Section 234F, an amount of ₹5,000 may be charged as penalty if filed after time.
However, the same penalty will not be applied in the case of taxpayers whose income is below ₹5 lakhs. The penalty will be ₹1,000 instead.
Interest on Tax Dues:

The section 234A charges interest on late filing when there is tax not paid.

Eligibility for Refunds:

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A belated or revised return can also be filed claiming any excess tax paid provided it is within the prescribed time.

Businesses and professionals being audited must not miss the extended deadlines so that they are not further scrutinized.

Common Mistakes to Avoid While Filing ITRs

To avoid any hassle in filing and complications, remember these tips:

Verify Personal Details:

PAN, Aadhaar, and bank account numbers must be correct.

Verify Sources of Income:

Form 16, bank statements, and other documents must be cross-checked to report all sources of income.

Claim Deductions Properly:

Compute accurately and claim all the available deductions under Sections 80C, 80D, etc.

Avoid Data Mis-matching

  • Submission of Return of Income has to be same as the information the Income Tax Department has
  • Submit before time. Though time-bar extension can give some flexibilities, yet it is prudent to submit at an earliest avoiding the last day blunders
  • Taxpayers should be informed and alert as in future the tax compliance also requires timely and hence
  • Pay attention to what CBDT announces in website, especially the I-T filing updates.

Use Technology:
Tax filing software or professionals may be hired to ease the process.
Plan Finances:
Review and organize financial records regularly to avoid a last-minute rush.
Seek Help:
A chartered accountant or tax expert should be consulted for complex returns.

Conclusion

This is a step by the CBDT in extending the deadline for belated and revised ITR filings, which would go a long way in bringing relief to taxpayers who could ensure compliance without unwarranted stress. This marks a commitment from the government’s side to build a taxpayer-friendly environment.

In short, this presents an opportunity for taxpayers who get a chance to file their returns correctly and hence avoid penalty. Thus, taxpayers are put in the right side of the law by proper planning, with the timely action of filing returns on or before the extended deadline paving the way for smoother tax filing processes in the future.

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