Income Tax Deadline Extended: New Date for AY 2024-25 Returns

Extension of Deadline for Belated or Revised Income Tax Returns for AY 2024-25

The Central Board of Direct Taxes (CBDT) has announced an extension for submitting belated or revised income tax returns for the Assessment Year 2024-25 applicable to resident individuals. The new deadline for filing these returns is now January 15, 2025, extended from the previous date of December 31, 2024. This decision is made under section 119 of the Income-tax Act, 1961, to provide taxpayers additional time to fulfill their obligations.

CBDT Circular Details

The CBDT, exercising its authority under section 119 of the Income-tax Act, 1961, has officially extended the deadline for filing belated returns of income under sub-section (4) of section 139, as well as revised returns under sub-section (5) of section 139, for resident individuals. The filing date has been moved from December 31, 2024, to January 15, 2025.

Distribution List:

1. PS to Finance Minister / PS to Minister of State (Finance)
2. PS to Revenue Secretary
3. Chairman (CBDT) & All Members of CBDT
4. All Principal Chief Commissioners of Income Tax / Chief Commissioners of Income Tax / Principal Directors General of Income Tax / Directors General of Income Tax
5. All Joint Secretaries / Commissioners of Income Tax, CBDT
6. Directors / Deputy Secretaries / Under Secretaries of CBDT
7. Web Manager, with a request to publish on the official Income-tax website
8. CIT (M&TP), Official Spokesperson of CBDT, with a request for wide publicity
9. JCIT, Database Cell for posting on irsofficersoonline.gov.in
10. The Institute of Chartered Accountants of India, IP Estate, New Delhi
11. All Chambers of Commerce
12. The Guard File

Conclusion

This deadline extension provides essential relief for taxpayers navigating their income tax returns. It is crucial for all affected individuals to stay informed and ensure their submissions are made before the new deadline of January 15, 2025.