CBDT Extends Belated ITR Deadline To January 15, 2025

Belated ITR Due Date Extended: Taxpayers Get Additional Time to File Returns

In a significant move, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Belated and Revised Income Tax Returns (ITR) for the Assessment Year (AY) 2024-25.

Taxpayers now have until January 15, 2025, to submit their returns, an extension from the earlier deadline of December 31, 2024.

This decision comes after a directive from the Bombay High Court, prompted by a Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants. The PIL raised concerns about challenges caused by procedural changes in the ITR utility, impacting taxpayers' ability to meet the initial deadline.

Key Highlights of the CBDT Announcement:

1. Revised Deadlines:

   • Belated ITR Filing under Section 139(4): Now due by January 15, 2025.
   • Revised ITR Filing under Section 139(5): Extended to the same date.

1. Reason for Extension:
   Procedural changes in the ITR utility and the directive from the Bombay High Court necessitated the deadline shift, ensuring taxpayers have sufficient time for compliance.

1. CBDT Circular:
   The circular issued on December 31, 2024, officially outlines the extension under Section 119 of the Income Tax Act, 1961.

Pro-Tip:

Taxpayers are encouraged to utilize this extended window to avoid penalties and interest. Ensure your documents are in order and submit your returns promptly.

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Direct Tax Vivad Se Vishwas (VsV) Scheme Deadline Extended

In another significant development, the CBDT has also extended the due date under the Direct Tax Vivad Se Vishwas (VsV) Scheme 2024.

• New Deadline for Filing Declarations: January 31, 2025 (extended from December 31, 2024).
• Penalty Details:
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  • Declarations filed before January 31, 2025, qualify for a 100% waiver of interest and penalties.
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  • Declarations filed on or after February 1, 2025, require 110% payment of disputed tax demand.
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The VsV scheme, introduced during Budget 2024-25, aims to resolve long-standing tax disputes efficiently. Currently, over 2.7 crore tax demands totaling approximately ₹35 lakh crore are under dispute across various legal forums.

Eligibility for VsV Scheme:

The scheme applies to disputes and appeals pending as of July 22, 2024, including writs, special leave petitions, and cases in the Supreme Court, High Courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals).

Call to Action:

If you're eligible, take advantage of the VsV Scheme to resolve disputes amicably and save on penalties.