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The Central Board of Direct Taxes (CBDT) has extended the last date for filing belated/revised income tax returns (ITR) for the Assessment Year (AY) 2024-25 for resident individuals, as stated in a notification issued by the CBDT.
The deadline has been extended from December 31, 2024 to January 15, 2025. In the notification the CBDT added, "The Central Board of Direct Taxes ('CBDT'), in exercise of its powers under section 119 of the Income-tax Act,1961 ('the Act'), extends the last date for furnishing belated return of income under sub-section (4) of section 139 of the Act or for furnishing revised return of income under sub-section (5) of section 139 of the Act for the Assessment Year 2024-25 in the case of resident individuals from 31 st December, 2024 to 15th January, 2025." The belated income tax returns can be filed if the taxpayer has not filed any ITR on or before the actual deadline and wants to file after the deadline has passed. The original deadline to file the income tax returns was July 31, 2024. The department has been spreading awareness about income tax returns. In an efforts to raise aware taxpayers, last year, the department in its special edition of 'Samvad' emphasised on the need of proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among taxpayers about the need to accurately report their foreign income and assets in their Income Tax Returns (ITR). During the session, Shashi Bhushan Shukla, Commissioner (Investigation), CBDT explained that all Indian residents are required to declare their foreign assets, which can include real estate, bank accounts, shares, debentures, insurance policies, or any other financial assets where they are the beneficial owner. He said that Income Tax Department has provided a detailed step-by-step guide in the ITR form, specifically in the "Foreign Assets and Income" schedule, where taxpayers can report their foreign income and assets. Shukla emphasised that this rule applies specifically to resident taxpayers, as defined under Section 6 of the Income Tax Act. Talking about the returning Non-Resident Indians (NRIs) who had foreign assets when they were living abroad, he said that even if these individuals return to India and become residents, they must disclose their foreign assets and income for the years they qualify as residents. (ANI)
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