ITR Filing Deadline: If you haven’t filed your Income Tax Return (ITR) for the financial year 2023–24 yet, today, 15th January 2025, is your last chance. This is the final date to file a Belated or Revised ITR for the assessment year 2024–25. By availing of this extended deadline, you can gather the necessary documents, calculate your tax, and file your return without incurring hefty penalties.
However, missing this deadline could have serious consequences, including fines, legal notices, and other complications. The Central Board of Direct Taxes (CBDT) announced this extended date in its circular issued on 31st December 2024. Let’s understand how you can file your ITR today.
Difference Between Revised and Belated ITR
Before filing income tax return, let us understand the difference between Revised and Belated ITR through this table:
| Parameter | Revised ITR | Belated ITR |
|---|---|---|
| When to File | If the original ITR was filed on time | If the original ITR was not filed on time |
| Purpose | To correct mistakes in the original ITR | To file after missing the original deadline |
| Penalty/Fees | None | ₹1,000 to ₹5,000 |
| Deadline | Till the Belated ITR deadline | 15th January 2025 |
Penalty for Filing a Belated ITR
If you missed the original deadline of 31st July 2024, you can still file a Belated ITR, but a penalty will be applicable:
- Income up to ₹5 lakh: ₹1,000
- Income above ₹5 lakh: ₹5,000
Additionally, if you have unpaid taxes, interest under Section 234A will also apply:
- 1% per month (or part of a month) from 31st July 2024 until the filing date.
Consequences of Not Filing a Belated or Revised ITR
Failure to meet today’s deadline could lead to the following issues:
- Loss of the opportunity to file ITR.
- Receiving notices from the Income Tax Department.
- Payment of penalties and interest.
- Difficulty in obtaining financial facilities like credit cards and loans.
- Potential ineligibility for various financial benefits.
To avoid these complications, it is advisable to file your ITR promptly.
Documents Required for Filing ITR
Here’s a quick guide to the documents you’ll need to file your ITR:
- Form 16: For salaried individuals.
- Bank Statements and Income Proof.
- PAN Card and Aadhaar Card.
- TDS Details: Download Form 26AS.
- Investment Proofs: Details of tax-saving instruments.
Step-by-Step Process to File ITR
Follow these steps to file your ITR:
- Visit the Income Tax e-Filing Portal.
- Log in to your account.
- Navigate to the “e-File” section and select the appropriate ITR form.
- Fill in the required details and upload the necessary documents.
- Calculate your tax liability and make any pending payments.
- Verify and submit the form.
If you are filing an ITR for the first time, you can talk to an ITR expert, it will prove to be very helpful for you and you will be able to file your ITR today.
Conclusion
The final date to file your ITR—whether Belated or Revised—is today, 15th January 2025. Filing a Belated ITR involves penalties and interest, but it can save you from legal troubles if done in time. On the other hand, a Revised ITR is applicable only if the original return was filed on time and requires corrections.
Prepare your documents, log in to the portal, and file your ITR today to avoid financial penalties and future complications.
