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5 key details for belated/revised ITR filing

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31 Dec, 2024

Credit: Getty

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Only 6.68% of India’s population filed income tax returns in FY 2023-24, according to Minister of State for Finance Pankaj Chaudhary.

Low Tax Compliance

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A total of 8,09,03,315 individuals submitted their Income Tax Returns, as disclosed in Parliament on December 17.

ITR Statistics

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The government extended the deadline to January 15, 2025, to assist taxpayers unable to meet the original December 31 date.

Extended Deadlines

The new timeline ensures adequate time for taxpayers to correct or update their returns without haste.

Ease for Corrections

The move aligns with efforts to simplify tax compliance and encourage more individuals to file returns.

Focus on Compliance