Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ​If you are eligible to claim section 87A tax rebate but prevented from claiming it in the original ITR then file a a revised return to get a tax refund for the excess tax paid in the original return.

Finance Minister Sitharaman revamped the income tax slabs in Budget 2024, enabling savings of up to ₹17,500. The standard deduction for salaried individuals increased

The main deadline to file ITR forms to claim refunds is generally July 31st every year, however, a window is open for late tax filers or revised ITR filing till the end of the year, which is extended in025.

Taxpayers must note that there is a penalty of Rs 5,000 imposed upon filing. For individuals with taxable income below a specified threshold, a reduced penalty of Rs 1,000 applies.

The year 2024 has brought in significant changes to India's personal income tax structure, with multiple reforms announced in the Union Budget 2024-25.

Taxpayers who file ITR after the deadline are fined Rs 5,000. For taxpayers with an income less than Rs 5 lakh, this penalty amount is Rs 1,000.

Taxpayers now have the option to submit rectification requests online, even if their Income Tax Returns (ITRs) are under review by the Assessing Officer (AO).