The Bombay High Court has asked the Central Board of Direct Taxes (CBDT) to extend the deadline for filing updated and belated income tax returns (Belated ITR Filing Deadline 2024) to January 15, 2025.

The Income Tax Department has set December 31 as the final day for disclosing foreign income and assets, as well as for settling income tax disputes under the Direct Tax Vivad Se Vishwas Scheme (DTVSV).

The new deadline is now January 15, 2025, offering relief to eligible taxpayers, particularly those entitled to exemptions under Section 87A of the Income Tax Act. What is Section 87A? Section 87A provides tax relief to individuals in the low-income group: Old Tax Regime: Individuals with taxable income up to ₹5 lakh get a full rebate,

To give individual taxpayers more savings under the new tax regime, the government changed the income tax slabs. The following are the new slabs for FY 2024–2025.

There are a few income tax deadlines that are set to expire on Dec 31. These include filing of belated return, Vivad Se Vishwas, and declaring of foreign assets & income via revised return

"This extension is to ensure that all taxpayers are eligible for the rebate under Section 87A.", the court said.

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. The Bombay High Court extended the ITR filing deadline for 2024-25 to January 15,