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

If you've filed your return and are wondering about the status of your refund, there are two main ways to check: the Income Tax e-filing portal and the NSDL website.

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.

Failing to file your original or revised ITR by the deadline can result in penalties. If you miss the December 31 deadline, the Income Tax Department may impose fines and may not allow you to make corrections to your return. For the financial year 2023-24 (AY 2024-25), taxpayers have until December 31, 2024, to submit their revised returns.

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