Key Highlights of the Notification
- Extended Deadline: Taxpayers now have an additional 15 days to file their belated returns under Section 139(4) or revised returns under Section 139(5) of the Income-tax Act, 1961.
- Applicability: The extension applies specifically to resident individuals filing for Assessment Year (AY) 2024-25.
- Legal Authority: The CBDT exercised its powers under Section 119 of the Income-tax Act to provide this extension.
Implications for Taxpayers
This extension offers the following benefits:
- Opportunity for Corrections: Individuals who missed the initial deadlines or need to correct errors in their original returns now have extra time to comply.
- Avoid Penalties: Filing within this extended window prevents penalties associated with non-compliance.
- Better Tax Planning: Taxpayers can align their filings more accurately with their financial records.
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