If you are also an income tax payer, then a new rule has been issued for you by the government. You will also be happy after reading this rule issued by the government. A new order has been issued by the Finance Ministry. The last date for filing the updated Income Tax Return (ITR-U) for Financial Year 2020 (FY20) or Assessment Year (AY 2020-2021) has been extended to March 31, 2023. The facility of new ITR filing was started from the Finance Act of the year 2022. This is called the updated return.
You can update ITR in two years
If there is any change in your income tax return, you can submit it by March 31, 2023. For this, a new sub-section 8(A) was added to section 139 of the Income Tax Act. It was implemented on 1 April 2022. Under this, you can update ITR within two years. But this will be applicable in the same case when an income tax payer has made a mistake in furnishing the information related to income while filing the original return or while filing the belated return.
Returns can be updated by 31 March 2023
In this regard, Pallav Pradyuman Narang, partner, CNK, said that the time limit of two years will be calculated from the year in which you filed the original return. That is, till March 31, 2021, updated returns can be filed till March 31, 2023. If you also have to file an updated return, then you have less than 90 days. Updated return can be filed only when additional income has been disclosed in the return.
Actually, the facility of updated return is only for those who are willing to declare additional income in their return. Earlier he could not disclose that income for any reason or wants to make any other kind of improvement.