ITR Filing Deadline: Last Chance to File Revised and Belated Returns by December 31, Check the Process

As the end of the year approaches, taxpayers across India are reminded of the impending deadline for Income Tax Return (ITR) filing. The last date for filing ITR for the financial year 2023-24 is December 31, 2024, for individual taxpayers who are not subject to audit requirements. If you have missed the initial deadline or need to make corrections to your previously filed return, now is the time to file a revised ITR before the year ends.

What is a Revised ITR?

A revised ITR allows taxpayers to correct any mistakes or omissions in their original ITR. If you discover errors in your initially filed return—such as missing income, incorrect deductions, or wrong personal details—you can file a revised return with the correct information. The provision to file a revised return is a crucial tool to avoid penalties or scrutiny by the Income Tax Department.

ITR Filing Deadline

The deadline for filing revised returns is set as December 31, and If one fails to submit a belated return by December 31, 2024, specific consequences apply. Under Section 139(4) of the Income Tax Act, belated returns incur a Rs 5,000 penalty, regardless of outstanding tax amounts. A reduced penalty of Rs 1,000 applies for lower taxable income. However, individuals with income below the Rs 3 lakh basic exemption limit face no penalties.

Steps to File a Revised ITR

Login to the Income Tax Portal: Visit the official Income Tax Department website and log in with your credentials.

Navigate to ‘E-File’: Under the 'e-File' section, click on 'Income Tax Return' and select the option for filing a **Revised Return**.

Choose the Relevant ITR Form: Select the correct ITR form based on your income and the nature of the return (e.g., ITR-1, ITR-2, etc.).

Fill in the Correct Details: Review and update all details, ensuring that any discrepancies in your earlier return are corrected.

Submit the Revised Return: Once you are satisfied with the corrections, submit the revised return. Ensure that you receive an acknowledgment of submission.

E-Verification: After submission, verify your return through one of the available methods (e.g., Aadhaar OTP, EVC, or sending a physical signed copy to the Income Tax Department).

You can file a revised return even after the original due date has passed, but you must ensure the corrections are made before the December 31 deadline.
A revised return can only be filed if the mistake was discovered after filing the original return and within the same assessment year.

Penalties for Not Filing ITR on Time

Failing to file your original or revised ITR by the deadline can result in penalties. If you miss the December 31 deadline, the Income Tax Department may impose fines and may not allow you to make corrections to your return.

For the financial year 2023-24 (AY 2024-25), taxpayers have until December 31, 2024, to submit their revised returns.