Income Tax Return filing deadline 2024: Everything you need to know
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.
Tax Return Deadlines Extended
The Bombay High Court extended the ITR filing deadline for 2024-25 to January 15, 2025, addressing technical issues with Section 87A rebate claims.
Central Board of Direct Taxes
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.
Income Tax Return Filing
A PIL highlighted issues with the updated ITR filing software preventing Section 87A rebate claims, leading to the High Court's intervention.
Income Tax Return Filing Deadline 2024
Missing the January 15, 2025 deadline can lead to penalties, loss of carry-forward options, and interest on unpaid taxes.
ITR Deadline
Late filing penalties apply, and certain benefits are lost. Timely filing ensures compliance and avoids penalties.
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App to stay ahead in business.