Deadline for income tax returns for 2024-25 submissions extended 

By
Ziraat Times
-

New Delhi: In a major relief for taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for furnishing belated and revised income tax returns for the Assessment Year (AY) 2024-25. The deadline, previously set for December 31, 2024, has now been extended to January 15, 2025, exclusively for resident individuals.

This decision, communicated through Circular No. 21/2024 dated December 31, 2024, was taken under Section 119 of the Income-tax Act, 1961. The extension aims to provide additional time to taxpayers who may have faced challenges in completing their returns on time.

The revised timeline offers taxpayers the opportunity to correct any discrepancies in their original returns or file belated returns to ensure compliance. This move reflects the government’s commitment to ease tax compliance for individuals while upholding transparency and accountability in the taxation process.

Key points from the Circular

  • The extension applies to belated returns under Section 139(4) and revised returns under Section 139(5) of the Income-tax Act.

  • The updated deadline is now January 15, 2025, granting an additional 15 days to taxpayers.

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