ITR filing deadline ends today: Last day to file late income tax returns for AY 2024-25; Check penalties

Under Sections 139(4) and 139(5) of the Income-tax Act, 1961, resident individuals who missed the original filing deadline of July 31, 2024, or need to revise their returns due to errors, must file their returns by January 15 to avoid additional consequences.

What are the penalties for late filing?

Taxpayers who missed the July 31 deadline can file and revise their return with these penalties:

• Income up to ₹5 lakh: Late fee of ₹1,000.

• Income above ₹5 lakh: Late fee of ₹5,000.

Under Section 234A of the IT Act, interest at 1% per month is applicable for any outstanding tax liabilities from the original due date until the filing date.

What are the consequences of missing Jan 15 deadline?

• While the taxpayers missing the January 15 deadline will be able to submit returns for AY 2024-25, they will be penalised up to ₹10,000 for the late filing.

• Non-compliance may lead to notices from the Income Tax Department, penalties for default, and scrutiny of undisclosed income.

The CBDT recently extended the deadline for taxpayers to determine tax dues under the Vivad Se Vishwas Scheme to January 31, 2025. Taxpayers filing declarations under this scheme by the new deadline will pay 100% of the disputed tax demand, while those filing after February 1, 2025, will pay 110%.

Introduced in the Union Budget 2024-25, the Vivad Se Vishwas Scheme aims to resolve over 2.7 crore pending tax disputes involving ₹35 lakh crore.