The deadline for filing Vivaad se Vishwas Scheme and belated ITR has been extended. This decision has been taken by CBDT in the interest of taxpayers. Let us know till when taxpayers can avail the facility?
ITR Filing: The Income Tax Department has given relief to taxpayers. The deadline for filing belated and revised income tax returns has been extended. For the financial year 2023-25, taxpayers can now file ITR till January 15, 2025.
Earlier, the last date for filing belated and revised ITR was 31 December 2024. But CBDT issued a circular on Tuesday and announced the extension of the date. However, the last date for filing fresh ITR was 31 July 2024. If anyone fails to file ITR before the new deadline, he may have to pay a fine. There may also be many other financial losses.
The High Court had given instructions to CBDT (Income Tax Return)
Recently, the Bombay High Court had directed the CBDT to extend the deadline for income tax returns. The court had said, “The purpose of extending the deadline is to ensure that all taxpayers eligible for exemption under section 87A get an opportunity to exercise their statutory right without any procedural hassles.”
The deadline for the Vivaad Se Vishwas Scheme has also been extended (Vivad Se Vishwas Scheme)
CBDT has extended the deadline of Dispute to Trust Scheme 2024 from 31 December to 31 January 2025. The scheme was introduced in Budget 2024. Its objective is to settle disputes related to income tax. Also, taxpayers have to be given an opportunity to pay less amount of disputed tax.
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