Income Tax and GST Filing Deadlines Extended for FY 2024-25
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing revised Income Tax Returns (ITR) for the financial year 2024-25 to January 15, 2025. Originally, the deadline was December 31, 2024. This extension gives taxpayers additional time to file their returns with a late fee.
Key Highlights:
- Income Tax Return (ITR):
- The original deadline for filing ITR was July 31, 2024.
- The extended deadline for filing a revised ITR with late fees is now January 15, 2025.
- Taxpayers who miss the deadline are subject to a penalty of Rs 5,000 for late filing. However, taxpayers earning less than Rs 5 lakh will incur a reduced penalty of Rs 1,000.
- GST Annual Return (GSTR-9) Deadline:
- The last date for filing the GST Annual Return (GSTR-9) for FY 2023-24 is December 31, 2024.
- GST-registered businesses are required to submit this return to consolidate their annual transactions.
- Penalties for Non-Filing of GSTR-9:
- Businesses with turnover up to Rs 5 crore will face a maximum penalty of Rs 50 per day (Rs 25 each under CGST and SGST) or 0.04% of turnover.
- For businesses with turnover between Rs 5 crore and Rs 20 crore, the penalty increases to Rs 100 per day (Rs 50 each under CGST and SGST) or 0.04% of turnover.
- For businesses with a turnover of over Rs 20 crore, the penalty can be Rs 200 per day (Rs 100 each under CGST and SGST) or 0.50% of turnover.
- Other GST Filing Requirements:
- Businesses with a turnover of more than Rs 2 crore are required to file GSTR-9.
- Businesses under the GST Composition Scheme must file GSTR-9A.
- GSTR-9C, an additional reconciliation statement, must be filed by businesses with a turnover of more than Rs 5 crore.
- Businesses with multiple GST registrations under the same PAN must file separate GSTR-9 returns for each GSTIN.
It is essential for businesses and taxpayers to meet the filing requirements by the specified deadlines to avoid penalties and ensure compliance with tax regulations.
