This extension is specifically applicable to resident individuals who filed their original returns under Section 139(1) and need to either submit belated filings or make corrections to previously filed returns. 
Special 
This extension is specifically applicable to resident individuals who filed their original returns under Section 139(1) and need to either submit belated filings or make corrections to previously filed returns. The Central Board of Direct Taxes (CBDT) has brought relief to taxpayers by extending the deadline for filing belated and revised income tax returns for the Assessment Year 2024-25.
The CBDT announced that resident individuals now have until 15th January 2025, instead of the original deadline of 31st December 2024, to submit their returns.
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This extension applies specifically to two categories of returns: belated returns under Section 139(4) and revised returns under Section 139(5).
Belated returns cater to individuals who missed the initial filing deadline of 31st July 2024. Filing belated returns usually incurs penalties, including an interest charge of 1% per month under Section 234A and late filing fees amounting to Rs. 5,000 for incomes exceeding Rs. 5 lakh or Rs. 1,000 for incomes below this threshold.
Revised returns, on the other hand, offer taxpayers an opportunity to correct unintentional errors or omissions in their original filings. This provision allows adjustments such as correcting calculation mistakes, including overlooked income sources, adding deductions, or updating inaccurate details. Importantly, revised returns come without penalties, entirely replace the original submission, and can be revised multiple times within the allowed period. However, taxpayers are advised to exercise caution as frequent amendments may invite scrutiny.
This extension is specifically applicable to resident individuals who filed their original returns under Section 139(1) and need to either submit belated filings or make corrections to previously filed returns. Additionally, it’s worth noting that for the financial year 2023-24, belated returns can only be submitted under the new tax regime, which limits flexibility for those who might have preferred the old regime.
The additional two weeks provide an opportunity for individuals to finalize their filings without undue stress, ensuring they meet their obligations while avoiding penalties.
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