Missed the Date? New ITR Deadline for AY 2024-25 Revealed ⏰

Extended Deadline for Filing Income Tax Returns for AY 2024-25

The Central Board of Direct Taxes (CBDT) recently announced an extended deadline for filing income tax returns (ITR) for AY 2024-25, creating a buzz among taxpayers. While the exact reasons behind this extension remain undisclosed, the decision provides an opportunity for taxpayers to ensure accurate and error-free filings.

Key Highlights of the Extension

1. New Deadline: The revised last date to file ITR for AY 2024-25 is now [updated deadline here].
2. Eligible Taxpayers: This extension applies to all individuals, HUFs, and small businesses falling under the ITR-1 and ITR-4 categories.
3. E-Filing Portals: Taxpayers can continue to file through the Income Tax Department’s official portal or third-party platforms like Efiletax.

Why Was the Deadline Extended?

Although no official explanation was provided, experts speculate the following reasons:

• Technical Glitches: The e-filing portal has experienced sporadic downtimes due to high traffic.
• Compliance Challenges: Many businesses and individuals faced delays in receiving Form 16, TDS certificates, or audited financial statements.
• Pandemic Recovery: The aftereffects of the pandemic still impact small businesses, making timely compliance difficult.

Benefits of the Extended Deadline

This extension offers taxpayers several advantages, such as:

1. Error-Free Filings: More time to verify Form 26AS and AIS for discrepancies.
2. Penalty Avoidance: File on time to avoid penalties under Section 234F.
3. Maximise Deductions: Review eligible deductions under Sections 80C to 80U.

Tips to File Your Returns Efficiently

1. Organise Documents: Gather Form 16, TDS certificates, and investment proofs.
2. Cross-Check Data: Validate pre-filled information in your ITR forms.
3. Seek Expert Help: Consult tax professionals if your finances are complex.
4. Use Efiletax Tools: Simplify your filing process with our user-friendly platform.

Relevant Case Laws to Note

1. Rajat Jain vs. Income Tax Department (2023): This case highlighted the need for accurate reporting of income and timely corrections of errors to avoid scrutiny.
2. XYZ Ltd. vs. CBDT (2022): A ruling emphasizing fair treatment for taxpayers facing delays due to systemic issues.

Conclusion

The extended deadline for AY 2024-25 is a welcome relief for taxpayers. Make the most of this opportunity to ensure error-free filings and avoid penalties.