CBDT extends deadline for belated, revised income tax returns for AY 2024-25 to January 15

The Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for filing belated and revised income tax returns for the Assessment Year (AY) 2024-25.

In a circular dated December 31, CBDT said the resident individuals now have until January 15, 2025, to furnish their belated or revised returns under Sections 139(4) and 139(5) of the Income-tax Act, 1961.

The previous deadline was December 31, 2024.

"The Central Board of Direct Taxes ('the CBDT'), in exercise of its powers under section 119 of the Income-tax Act, 1961 ('the Act'), extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 st December, 2024 to 15th January, 2025," the circular read.

While the taxpayers may still be liable to pay a late fee, filing the ITR before the new January 15 deadline will prevent further penalties and interest charges.

The extension is expected to benefit taxpayers who may have missed the earlier deadline or need to revise their filings due to errors or omissions.

The announcement comes a day after the government body extended the due date for determining the tax dues under the Vivad Se Vishwas Scheme to January 31, 2025.

Originally, taxpayers were required to file declarations before December 31, 2024, to benefit from the scheme’s provisions, which waive interest and penalties for those paying the disputed tax demand.

Taxpayers filing declarations under the scheme on or before the new deadline will pay 100% of the disputed tax demand. For declarations filed after February 1, 2025, the amount payable will rise to 110% of the disputed tax demand.

The Vivad Se Vishwas Scheme, introduced in the Union Budget 2024-25 and launched on October 1, 2024, aims to resolve approximately 2.7 crore pending direct tax disputes, which collectively amount to ₹35 lakh crore.

Eligible disputes include appeals, writs, and special leave petitions pending before the Supreme Court, High Courts, Income Tax Appellate Tribunals, or Commissioner/Joint Commissioner (Appeals) as of July 22, 2024.