ITR submitting deadline: Don’t miss December 31, 2024 deadline for revised, belated tax returns – listed here are the results

ITR submitting deadline: December 31, 2024, marks the ultimate deadline for submitting belated and revised earnings tax returns for FY 2023-24 (AY 2024-25). While varied taxpayer classes have distinct ITR submitting deadlines, the ultimate date for belated and revised returns stays the identical. Many people stay unaware of the implications of lacking the December 31, 2024, submission deadline for FY 2023-24.

ITR submitting: What are the results of lacking the belated return submitting deadline on December 31, 2024?

If one fails to submit a belated return by December 31, 2024, particular penalties apply.
Beneath Part 139(4) of the Revenue Tax Act, belated returns incur a Rs 5,000 penalty, no matter excellent tax quantities. A diminished penalty of Rs 1,000 applies for decrease taxable earnings. Nonetheless, people with earnings beneath the Rs 3 lakh primary exemption restrict face no penalties.
Kinjal Bhuta, Secretary of Bombay Chartered Accountants’ Society, advised ET, “Belated return is the final probability for the taxpayer to file the ITR and declare refunds and sure losses. If the belated return shouldn’t be filed, the particular person misses these claims and credit for that evaluation 12 months. After the expiry of the submitting of the belated return, solely an up to date return could be filed topic to the situation that there’s a tax legal responsibility payable. Additional, if no belated return is filed, the taxpayer shall need to face elevated pursuits and penalties on the tax liabilities if a discover is distributed by the earnings tax division.”
A big limitation of submitting belated returns for FY 2023-24 is the shortcoming to pick the outdated tax regime, as the brand new regime turned default from April 1, 2023. Consequently, belated returns should observe the new tax regime.
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The outdated tax regime provided varied deductions and exemptions unavailable within the new tax regime. These provisions helped cut back taxable earnings and subsequent tax obligations.
The brand new regime permits solely two deductions: a normal deduction of Rs 50,000 for FY 2023-24 (AY 2024-25) and employer NPS contributions as much as 10% of primary wage. Extra advantages like Part 80C, 80D, and HRA exemptions should not relevant below the brand new construction.

ITR submitting: What for those who miss the revised return submitting December 31, 2024 deadline?

When a taxpayer must rectify errors in authentic or belated returns, they have to submit a revised return. This permits corrections of assorted oversights, equivalent to unreported earnings, unclaimed deductions, or omitted checking account particulars.
Bhuta says, “If the taxpayer misses the deadline to file a revised return, there is no such thing as a different mechanism to file a revised return once more for that evaluation 12 months and to say refunds or losses. The earnings tax legal guidelines permit the submitting of an up to date return. Nonetheless, the up to date return can’t be filed in instances the place the taxpayer has losses, it ends in an elevated refund, or the tax return has an impact of lowering the overall tax legal responsibility as filed within the authentic or belated return. There are a lot of different standards as to when an up to date return can’t be filed. So, if a taxpayer misses the revised return deadline, the one method through which any further declare or credit score could be requested is throughout the evaluation proceedings. Nonetheless, that’s topic to litigation.”
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While taxpayers can submit a number of revised returns, tax consultants advise towards frequent revisions as this might set off scrutiny from the Revenue Tax Division.
Concerning intimation notices, Bhuta explains, “As per part 139(5) of the Revenue Tax Act, 1961, ITR could be revised solely earlier than three months earlier than the top of the related evaluation 12 months or earlier than the completion of evaluation, whichever occasion occurs first. The ITR could be revised even after an intimation has been acquired below part 143(1). Nonetheless, as soon as the ITR is processed below an everyday scrutiny evaluation below part 143(3), the identical can’t be revised.”
For the monetary 12 months 2023-24 (AY 2024-25), taxpayers have till December 31, 2024, to submit their revised returns.