The Central Board of Direct Taxes (CBDT) has announced an extension of the deadline for filing belated and revised Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25. Resident individuals now have until 15th January 2025 to furnish their belated and revised ITRs.
Previously, the deadline was set for today, 31st December 2024. The decision to grant an additional two weeks aims to provide taxpayers with more time to finalize and submit their income tax returns without undue pressure.
This extension is expected to benefit individuals who might have faced challenges in meeting the original deadline due to unforeseen circumstances, documentation delays, or the need for corrections in previously submitted returns.
Belated ITRs are filed after the original due date, while revised ITRs allow taxpayers to correct any errors or omissions in previously filed returns. Filing within the extended period ensures compliance and avoids penalties under the Income Tax Act.
The CBDT has encouraged all taxpayers to take advantage of the extended timeline to ensure accurate and timely submission of their returns. Individuals are advised to double-check their financial records and seek professional assistance if required to avoid discrepancies.
This proactive move by the CBDT underscores its commitment to easing taxpayer compliance and addressing genuine concerns of taxpayers. With the extended deadline, resident individuals have an additional opportunity to fulfill their tax obligations without undue stress.
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