The time for filing a revised or belated income tax return (ITR) will conclude on December 31, now that 2024 is coming to an end, and 2025 will begin in roughly a week. You can, therefore, fix the situation by filing a late or revised ITR by December 31, 2024, if you were unable to file your income tax return by July 1, 2024, or if you already filed the ITR but made a mistake.
The assessment year 2024–2025’s original deadline for filing income tax returns was July 31; this year, the deadline was not extended. On the original final day for submitting ITRs, July 31, a record 72.42 lakh forms were submitted, bringing the total to 5.83 crore, which is about the same as last year. ITR filing started out slowly, but as the deadline drew near, it increased.
Belated income tax return
If you miss the initial deadline, you may still file a belated ITR under Section 139(4) of the Income Tax Act of 1961. Taxpayers with a total income of at least Rs 5 lakh must pay a penalty of Rs 5,000 under Section 234F if they file a belated ITR after July 31. The fee is Rs 1,000 for taxpayers with total incomes under Rs 5 lakh, while there is no penalty for those who are exempt from income tax.
In the ITR form, filers must choose Section 139(4) in order to submit the overdue ITR. The belated ITR must be submitted by December 31. If this deadline is missed, unless the income tax department sends a notice, the person will not be allowed to file the ITR.
Revised income tax return
You have until December 31 to file a revised ITR if you submitted the original ITR by the due date of July 31 but made a mistake. Section 139(5) of the Income Tax Act contains the relevant provision. A revised ITR must be submitted using the same procedure as an original ITR. The statistics included in the original ITR will also be required in the procedure; therefore, you must select Section 139(5) on the ITR form and have the original ITR on hand.
In accordance with the statutory deadlines, the updated return may be filed more than once, according to Sumit Mangal, partner at Luthra and Luthra Law Offices India. However, if a return is updated more than once, it may be chosen for a thorough analysis to determine the causes of the repeated changes. Nothing specific needs to be taken into account while filing the updated return.
He continued by saying that it is important to make sure the amended return contains accurate data and information because it will replace the original return, and repeated revised returns may lead to a thorough examination of the situation. The updated return should also include the disclosures made in the tax audit report, according to the statement.
“Even those who file tardy ITRs (returns that are filed after the due date) are allowed to file a revised return,” said Maneet Pal Singh, partner at I.P. Pasricha & Co. Previously, only taxpayers who had submitted an ITR prior to the deadline’s expiration were permitted to alter their returns.
“The procedure for filing an original ITR and an updated ITR is the same.” You must, however, file an amended ITR in accordance with Section 139(5) of the Income Tax Act. The option “Revised u/s 139(5)” must be chosen in the “return filed under” column. He said the ITR form will also ask you for information about the previous ITR, such as the receipt number and the date of the original ITR filing.
The government extended the due date for filing business ITRs for the assessment year 2024–2025 from the original deadline of October 31 to November 7 in October. The Central Board of Direct Taxes (CBDT) has already extended the deadline for submitting audit reports.
Returns and forms applicable for salaried individuals for AY 2024–2025
1. ITR-1 (SAHAJ)—Applicable for individual
This return is applicable to residents (other than those who are not habitual residents) with a total income of Rs. 50 lakh from salary/pension, one residential property, other sources (interest, dividend, family pension, etc.), and up to Rs. 5,000 from agriculture.
The following individuals are not permitted to use ITR-1:
(a) Directors of companies;
(b) Holders of unlisted equity shares at any time during the prior year;
(c) Owners of assets (including financial interests in entities) situated outside of India;
(d) is a signatory on any account outside of India;
(e) receives money from sources outside of India;
(f) is a person whose tax has been withheld under Section 194N;
(g) Who has any brought-forward loss or loss to be carried forward under any head of income; and
(h) whose case payment or deduction of tax has been suspended on ESOP.
2. ITR-2—Applicable for individual and Hindu undivided family
The following individuals are not permitted to use ITR-2:
(a) Directors of companies;
(b) Holders of unlisted equity shares at any time during the prior year;
(c) Owners of assets (including financial interests in entities) situated outside of India;
(d) is a signatory on any account outside of India;
(e) receives money from sources outside of India;
(f) Who has any brought-forward loss or loss to be carried forward under any head of income; and
(g) In Which case has payment or tax deduction been suspended on ESOP?
3. ITR-3 —Applicable for Individual, Hindu undivided family, and firm (other than limited liability partnership)
In addition to income from a business or profession that is calculated on a presumptive basis (under Sections 44AD, 44ADA, and 44AE), and income from any of the following sources (salary/pension, one house property, other sources (interest, family pension, dividend, etc.), a HUF that is a resident other than one who is not ordinarily resident, or a firm [other than a limited liability partnership (LLP)].
The following individuals are not permitted to use ITR-3:
(a) Directors of companies;
(b) Holders of unlisted equity shares at any time during the prior year;
(c) Owners of assets (including financial interests in entities) situated outside of India;
(d) is a signatory on any account outside of India;
(e) receives money from sources outside of India;
(f) Who has any brought forward loss or loss to be carried forward under any head of income; and
(g) In Which case has payment or tax deduction been suspended on ESOP?
Please be aware that ITR-3 (Sugam) is optional. If an assessee is qualified to declare profits and gains from a business or profession on a presumptive basis under sections 44AD, 44ADA, or 44AE, he/she may use this streamlined return form at his/her discretion.
Forms applicable
- Form 12BB—Particulars of claims by an employee for deduction of tax (u/s 192)
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- Form 16—Certificate of Tax Deducted at Source on Salary (U/s 203 of the Income Tax Act, 1961)
Provided by | Details provided in the form |
An employee to his employer(s) at the end of the financial year | Income of such person, deductions/exemptions and tax deducted at source for the purpose of computing tax payable/refundable |
- Form 16A—Certificate u/s 203 of the Income Tax Act, 1961 for TDS on income other than salary
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- Form 67—Statement of Income from a country or specified territory outside India and Foreign Tax Credit
Submitted by | Details provided in the form |
Taxpayer, to be furnished on or before the due date specified for furnishing the ITRs u/s 139(1) | Income from a country or specified territory outside India and foreign tax credit claimed |
- Form 26AS—Annual Information Statement
Provided by | Details provided in the form |
Income tax department (It is available in TRACES portal and may be accessible after logging on to income tax e-filing portal or Internet banking) | · Tax deducted/collected at source
· Advance tax/self-assessment tax paid · Specified financial transactions · Demand/refund pending/completed proceedings |
- Form 15G—Declaration by resident taxpayer (not being a company or firm) claiming certain receipts without deduction of tax
Submitted by | Details provided in the form |
A resident individual less than 60 years or HUF or any other person (other than a company/firm) to bank for not deducting TDS on interest income if the income is below the basic exemption limit | Estimated income for the FY |
7. Form 15H—Declaration to be made by a resident individual (who is 60 years of age or more)
claiming certain receipts without deduction of tax |
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8. Form 10E—Form for furnishing particulars of income for claiming relief u/s 89(1) when salary
is paid in arrears or advance |
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Tax slabs for AY 2024–2025
According to Section 115 BAC of the Income Tax Act, individuals and HUFs may choose either the current tax regime or the new tax regime with a lower rate of taxation.
Certain exemptions and deductions (such as 80C, 80D, 80TTB, and HRA) available under the existing tax regime will not be available to the taxpayer choosing concessional rates under the new tax regime.
For Individuals (resident or non-resident) less than 60 years of age anytime during the previous year:
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For individuals (resident or non-resident), 60 years or more but less than 80 years
of age anytime during the previous year:
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For individuals (resident or non-resident) 80 years of age or more anytime
the previous year:
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Note
1. The rates for the health and education cess and the surcharge are the same under both tax systems. 2. The u/s 87 rebate: If a resident individual’s total income is less than ₹5,000, they may be eligible for a rebate of up to 100% of income tax, or ₹12,500, whichever is less. Both tax regimes provide for this rebate. |
Surcharge, marginal relief, and health and education cess
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Investments/Payments/Incomes on which I can get tax benefit
Section 24(b)—Interest on house loans and housing improvement loans is deducted from income from real estate. The maximum deduction for interest paid on a housing loan for a self-occupied home is 2 lakh. For those choosing the new tax regime, this deduction is not accessible.
The interest on loans allowed by Section 24(b) is listed below:
Nature of property | When loan was taken | Purpose of loan | Allowable (Maximum limit) |
Self-Occupied | On or after 1/04/1999 | Construction or purchase of house property | ₹ 2,00,000 |
On or after 1/04/1999 | For repairs of house property | ₹ 30,000 | |
Before 1/04/1999 | Construction or purchase of house property | ₹ 30,000 | |
Before 1/04/1999 | For repairs of house property | ₹ 30,000 | |
Let Out | Any time | Construction or purchase of house property | Actual value without any limit |
Tax deductions specified under Chapter VIA of the Income Tax Act
Except for the deduction allowed under Section 80CCD (2), which will also be applicable for the new tax regime, a taxpayer choosing the new tax regime pursuant to Section 115 BAC will not be eligible for these deductions.
80C, 80CCC, 80CCD (1) | |||||||||||
Deduction toward payments made to
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80CCD(1B) | |||||||||||
Deduction toward payments made to the pension scheme of the central government, excluding deduction claimed under 80CCD (1) |
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80CCD(2) | ||||||||||
Deduction toward contribution made by an employer to the pension scheme
of central government
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80D | ||||||||||||||||||||
Deduction toward payments made to health insurance premium and preventive health check-up
Deduction towards medical expenses incurred on a senior citizen if no premium is paid on health insurance coverage.
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80DD | ||||||
Deduction toward payments made toward maintenance or medical treatment of a disabled dependent or paid/deposited any amount under a relevant approved scheme |
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80DDB | |||||
Deduction toward payments made toward medical treatment of self or dependent for specified diseases |
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80E | |||
Deduction toward interest payments made on loan for higher education of self or relative |
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80EE | |||
Deduction toward interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 and 31st March 2017 |
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80EEA | |||
Deduction is available only to individuals toward interest payments made on loans taken for the acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 and 31st March 2022, and deduction should not have been claimed u/s 80EE |
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80EEB | |||
Deduction toward interest payments made on loan for purchase of electric vehicle where the loan is sanctioned between 1st April 2019 and 31st March 2023 |
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80G | ||||||||||||
Deduction toward donations made to prescribed funds, charitable institutions, etc.
Donation are eligible for deduction under the below categories
Note: Any donation provided in cash that is worth more than 2000 is not eligible for a deduction under this provision. |
80GG | |||
Deduction toward rent paid for house and applicable to only those who are self-employed or for whom HRA is
not part of salary Least of the following shall be allowed as deduction
Note: Form 10BA to be filled for claiming this deduction. |
80GGA | |||||||
Deduction toward donations made for scientific research or rural development
Donation are eligible for deduction under the below categories
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80GGC | |||||
Deduction toward donations made to political party or electoral trust |
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80TTA | |||||
Deduction on interest received on saving bank accounts by non-senior citizens |
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80TTB | |||||
Deduction on interest received on deposits by resident senior citizens |
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Deductions for a resident individual taxpayer with disability |
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