Today is the Last Day to File Your Income Tax Return: Don't Miss the January 15 Deadline.

If you haven’t filed your Income Tax Return (ITR) for the financial year 2023-24, today is your last chance to submit your late or revised returns.

The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting belated or revised ITRs for the assessment year 2024-25 to January 15, 2025.

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This extension has given taxpayers sufficient time to gather necessary documents, calculate their tax liabilities, and submit their returns without incurring penalties.

It’s essential to meet this deadline as failing to do so can result in severe consequences, including legal notices, penalties, and other complications.

If anyone missed the July 31, 2024, ITR filing deadline, the person can still file a belated return but with penalties.

The late fee for income up to Rs 5 lakh is Rs 1,000, while for income above Rs 5 lakh, it’s Rs 5,000. Additionally, the person may incur interest under Section 234A if you have outstanding tax liabilities.

Also, there’s a key difference between revised and belated ITRs. A revised ITR can only be filed if the original ITR was filed on or before the deadline and allows corrections or updates to the original return.

On the contrary, a belated ITR is filed when the taxpayer misses the original deadline and is subject to late fees and further penalties.

Failing to file your ITR by the deadline will result in the loss of opportunity to file or revise your return for AY 2024-25, notices from the Income Tax Department, and additional penalties for default.

Filing an income tax return involves submitting a form to the tax authority to report your income, expenses, and other relevant financial information.

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It includes: Taxpayers must calculate their tax liability, schedule any necessary tax payments, or request refunds for any overpayment of taxes. Tax returns need to be filed annually. It is important to pay attention to tax deductions and credits, as they can help reduce overall tax liability.