Deadline to file belated, revised ITR extended to January 15

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing belated and revised ITRs for AY 2024-25 for resident individuals. The last date has been shifted from December 31 to January 15. Belated tax returns face a penalty of up to ₹5,000 but for those with income less than ₹5 lakh, the fine is limited to ₹1,000.