Income Tax Deadline Extended: File by January 15
In a recent development, the Income-Tax Department has extended the deadline for filing belated or revised income tax returns for the fiscal year 2023-24 to 15th January 2025. This decision comes as a relief for resident individuals who now have more time to ensure their financial records are in order before submitting their returns.
What Led to the Extension?
Previously, the last date for resident individuals to file these submissions for assessment year (AY) 2024-25 was December 31, 2024. However, the Central Board of Direct Taxes (CBDT) decided to extend the deadline to January 15, 2025, allowing taxpayers an additional two weeks to complete the necessary paperwork. This move aims to provide taxpayers with the opportunity to match their books accurately before finalizing their belated or revised income tax returns.
Expert Insights: Vivek Jalan’s Perspective
Vivek Jalan, a partner at Tax Connect Advisory Services LLP, shed light on the significance of this deadline extension. He emphasized that the extension to January 15 offers taxpayers more flexibility to ensure their financial records are accurate before submitting their belated or revised returns. This additional time can be crucial for taxpayers to reconcile their income and expenses effectively, avoiding any errors or discrepancies in their filings.
What Taxpayers Need to Do
With this extension in place, it is essential for taxpayers to utilize this extra time wisely. They should take this opportunity to review their financial records thoroughly, double-check all entries, and seek professional advice if needed. By ensuring that their income tax returns are accurate and complete, taxpayers can avoid potential penalties or audits in the future.
As we navigate the complexities of tax season, it’s important to stay informed and proactive in managing our financial obligations. The deadline extension to January 15 offers a valuable opportunity for taxpayers to prioritize accuracy and compliance in their income tax filings. Remember, timely and accurate filing can help alleviate stress and ensure a smooth tax season experience for all.