The window for filing belated or revised income tax returns (ITR) for the assessment year 2024-25 will close tomorrow, January 15, 2025. If you missed the original ITR filing deadline of July 31, 2024, this is your final opportunity to comply, but penalties apply.

The Central Board of Direct Taxes (CBDT) had extended the original deadline from December 31, 2024, to January 15, 2025, allowing taxpayers additional time to file their returns.

• Earnings up to ₹5 lakh: Late fee of ₹1,000.
• Earnings above ₹5 lakh: Late fee of ₹5,000.
• Interest under Section 234A: Taxpayers with outstanding liabilities will incur interest at 1% per month, calculated from the original deadline (July 31, 2024) until the date of filing.

Failure to file your ITR by January 15 will result in:

• Loss of the opportunity to file or revise returns for AY 2024-25.
• Potential notices and additional penalties from the Income Tax Department for non-compliance.

Filing your ITR, even with penalties, ensures compliance with tax regulations and avoids further complications or legal notices. Don’t miss this final chance to settle your taxes and meet your obligations.