ITR Filing Last Date your Income Tax Return for the financial year 2023-24 is January 15, 2025. If you want to claim the Section 87A tax rebate, make sure you file your ITR before this date. Missing the deadline can lead to penalties and other issues. Here’s everything you need to know in simple terms.
Why January 15, 2025, is Important?
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If your taxable income is ₹5,00,000 or less, you can claim a rebate of up to ₹12,500 under Section 87A. To get this benefit, you must file your ITR on time. Recently, the Bombay High Court highlighted that filing after the deadline means losing this rebate.
Penalty for ITR Filing Last Date Income Tax Return (ITR)
Filing your ITR after the deadline can result in penalties under Section 234F. Here’s a simple table:
| Income Level (₹) | Penalty Amount (₹) |
|---|---|
| Up to ₹5,00,000 | 1,000 |
| Above ₹5,00,000 | 5,000 |
You may also have to pay interest on any unpaid taxes under Section 234A.
What Happens if You File ITR After the Deadline?
Filing your ITR late can cause:
- Loss of Section 87A Rebate: You won’t be able to claim the rebate.
- Penalties: You’ll have to pay a late fee and interest on taxes.
- No Loss Carry Forward: Losses like capital gains cannot be carried forward.
- More Scrutiny: Late returns may be reviewed more closely by tax authorities.
Difference Between Belated and Revised ITRs
| Aspect | Belated | Revised |
| What It Is | Filed after the original due date. | Filed to correct mistakes in your original ITR. |
| Deadline | January 15, 2025. | January 15, 2025. |
| Purpose | For those who missed filing earlier. | For correcting errors or omissions. |
| Penalty | Late fee applies. | No penalty if filed correctly. |
How to File ITR Online: Step-by-Step Guide
Follow these simple steps to file your ITR online:
- Go to the Income Tax Portal: Visit www.incometax.gov.in.
- Log In/Register: Use your PAN and password to log in. If you’re new, register first.
- Choose ITR Form: Select the right form for your income type.
- Fill Details: Enter your income, deductions, and other details.
- Claim Section 87A: If your income is under ₹5,00,000, claim the rebate.
- Verify Information: Double-check your details to avoid mistakes.
- Submit and Verify: Submit the ITR and verify it using Aadhaar OTP, net banking, or other methods.
What Did the Bombay High Court Say
The Bombay High Court recently stated that taxpayers must file their ITR on time to claim the Section 87A rebate. Missing the deadline means losing the benefit, so filing before January 15, 2025, is crucial.
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FAQs
1. What is the last date to file a revised or belated ITR?
The last date is January 15, 2025.
2. Can I claim Section 87A rebate after January 15, 2025?
No, you cannot claim the rebate if you file after the deadline.
3. What is the penalty for late ITR filing?
Penalties range from ₹1,000 to ₹5,000, depending on your income.
4. How can I file ITR online?
Visit www.incometax.gov.in, log in, select the form, fill in details, and submit your return.
5. What did the Bombay High Court say about ITR deadlines?
The court emphasized that filing on time is necessary to claim benefits like the 87A rebate.
Conclusion
Make sure to file your ITR before January 15, 2025, to avoid penalties and claim the 87A tax rebate. Filing online is easy if you follow the steps carefully. Don’t wait until the last moment—file now!
