Filing Of Updated ITR on or before 31st March, 2024

Filing Of Updated ITR on or before 31^st March, 2024

Updated Return concept was introduced in the union budget 2022, under the Income Tax Act 1961. A new form, ITR-U has been introduced to allow individuals to rectify the mistakes they made while filing the ITR. In other words, we can say that the department has allowed one more chance to file the ITR who miss the belated return deadline

ITR – U form:

ITR-U is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return. By availing the provisions of Section 139(8A), taxpayers can rectify any errors or updates in their original return without facing legal consequences for incorrect information.

An Updated Return can be filed for the following purposes:

• Original return not filed
• belated return filing deadline missed
• income details declared incorrectly
• income tax was declare / paid under the wrong slab
• reduction of MAT/ AMT credit is required
• wrongful deductions/ exemptions claimed
• Wrong rate of tax etc.

Filing of Updated ITR in FORM ITR-U on or before 31^st March, 2024

1. By making payment of additional income tax and interest, taxpayers can file updated tax return for any of the assessment years: 2021-22, 2022-23 and 2023-24.
2. For assessment year 2021-22 (FY 2020-21), March 31, 2024 is the last date to file an updated return.
3. You can file ITR-U within two years from the end of the relevant assessment year.
4. The updated return is filed under section 139(8A) of Income Tax Act.
5. Due date: 31^st March, 2024.
6. Additional tax payable

• For assessment year 2021-22, one has to pay 50 percent of aggregate of tax and interest as additional tax.
• And for assessment year 2022-23 and 2023-24, the additional tax component is 25 percent of aggregate tax and interest.

Please note: The updated return of FY 22-23 (AY 2023-24) can be filed till 31st March 2026.

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.