ITR Filing: The provision of income tax return (updated) was inserted in Budget 2022 that allows taxpayers to update/ file the income tax return (ITR) on payment of additional taxes in case of errors or omissions.
MintGenie Team
Published3 Aug 2024, 05:54 PM IST
An income tax return (updated) is filed under section 139(8) read with section 140B of the Income Tax Act, 1961.
The deadline to file income tax return expired on July 31, taxpayers can, meanwhile, file a belated income tax return (ITR) before December 31, 2024 after paying a penalty. It is noteworthy to mention that a record 7.28 crore tax returns were filed by July 31, 2024 with 72 percent of tax filers opting for the new tax regime. Read this Livemint article for more details.
While some are awaiting their income tax refund others – who have yet not filed their ITR – may be unaware that there is a provision to file an updated income tax return (ITR-U).
The time period given to file an updated return is two years from the end of relevant assessment year (AY). This means the taxpayers could file an updated return for FY 2020-21 up to March 31, 2024. For the FY 2021-22, an updated income tax return (ITR) can be filed up to March 31, 2025.
Play
Unmute
Loaded: 4.84%
Fullscreen
“For FY23-24 we can file ITR-U after December 31, 2024. The last date to file ITR-U for FY23-24 is March 31, 2027,” says chartered accountant Pratibha Goyal, partner, PD Gupta & Company, a Delhi-based firm.