Finance Minister Nirmala Sitharaman has offered New Year gifts to taxpayers by extending several important deadlines before 2025.
This gives taxpayers plenty of time to enjoy the New Year with family and friends without any concerns. Here are the deadlines that Nirmala Sitharaman has extended for taxpayers.
1. Belated/Revised Income Tax Return
The Income Tax Department has extended the deadline for resident individual taxpayers to file belated or revised income tax returns.
The original deadline of December 31, 2024, has been moved to January 15, 2025.
2. Direct Tax Vivaad se Vishwas Scheme (DTSVS) 2024
The deadline for this scheme has been extended to January 31, 2025, giving taxpayers more time to resolve their income tax disputes.
The government introduced this scheme to reduce the number of such disputes.
3. Corporate Social Responsibility (CSR) 2024
The Ministry of Corporate Affairs has extended the deadline for filing Form CSR-2, which is mandatory for companies falling under the Corporate Social Responsibility Rules of the Companies Act, 2013.
The deadline has now been extended to March 31, 2025, providing significant relief to companies.
However, the Income Tax Department has not fulfilled all the requests from taxpayers and chartered accountants to extend the deadline. Several deadlines remain unchanged beyond December 31, 2024.
The deadline for filing GSTR-9 and GSTR-9C under GST has not been extended, which has disappointed many GST taxpayers.
The Income Tax Department has not extended the deadline for filing income tax returns for firms, companies, societies, NGOs, and others.
The deadline has not been extended for NRIs. If they fail to file or revise their income tax returns by December 31, 2024, they will need to file an updated return and pay a penalty in the form of additional tax.
