The 2024-25 income tax return filing deadline has been extended due to technical issues with claiming the Section 87A rebate. This extension aims to reduce the tax burden on low-income individuals.
The Bombay High Court extended the ITR filing deadline for 2024-25 to January 15, 2025, addressing technical issues with Section 87A rebate claims.
Section 87A provides tax relief for individuals with total taxable income up to Rs 5 lakh under the old tax regime and Rs 7 lakh under the new regime.
A PIL highlighted issues with the updated ITR filing software preventing Section 87A rebate claims, leading to the High Court's intervention.
Missing the January 15, 2025 deadline can lead to penalties, loss of carry-forward options, and interest on unpaid taxes.
Late filing penalties apply, and certain benefits are lost. Timely filing ensures compliance and avoids penalties.
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