The deadline for filing belated and revised Income Tax Returns (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is 31st December 2024. This date applies to all taxpayers, regardless of category. Missing this deadline can lead to significant consequences, including penalties and loss of certain benefits.
Key Points About Belated Returns
- Penalty for Belated Returns:
- Under Section 139(4) of the Income Tax Act, filing a belated return attracts a penalty of ₹5,000 on outstanding tax.
- For taxpayers with lower taxable income, the penalty is reduced to ₹1,000.
- Taxpayers with income below the basic exemption limit of ₹3 lakh are exempt from penalties.
- Consequences of Missing the Deadline:
- Belated returns are the last chance to claim refunds or report losses for an assessment year.
- Failure to file by the deadline may lead to loss of claims, and taxpayers will need to rely on an updated return if eligible.
- The Income Tax Department may issue a notice, resulting in increased interest and penalties on unpaid liabilities.
Filing Revised Returns
- Revised Return Deadline:
- According to Section 139(5) of the Income Tax Act, a revised return must be filed three months before the end of the relevant assessment year or before the completion of assessment, whichever comes earlier.
- Limitations of Revised Returns:
- A return cannot be revised once it is processed under Section 143(3) (regular assessment).
Updated Return Filing
If taxpayers miss the deadlines for both original and revised returns, they can file an updated return under certain conditions:
- Eligibility:
- Updated returns are allowed for correcting omissions or errors.
- They cannot be used to reduce tax liability, increase refunds, or report losses.
- Procedure:
- Updated returns can only be filed under specific scenarios, as allowed by the Income Tax Act.
Important Dates and Penalties
| Aspect | Details |
|---|---|
| Belated/ Revised Return Deadline | 31st December 2024 |
| Penalty for Belated Return | ₹5,000 (₹1,000 for low taxable income) |
| Exemption from Penalty | Income below ₹3 lakh |
| Updated Return Eligibility | Cannot reduce liability, increase refunds, or report losses |
| Revised Return Deadline | 3 months before assessment year ends or before assessment completion |
