March 31 is last date for filing updated Income Tax returns for ’21-22
The last date to file updated Income Tax returns for the financial year 2021-22 is March 31. While examining high refund cases, the Income Tax Department, Tamil Nadu and Puducherry, has noticed that some taxpayers have claimed unusually large deductions u/s 80G (donations to Funds, Charitable institutions, etc.), 80E (interest on education loan) & 80GGC (contributions given to political parties) in their returns of income for A.Ys. 2021-22, 2022-23 & 2023-24. In some cases, taxpayers have claimed total deduction in excess of 80% of their Gross Total Income, which appears improbable. When enquired, many taxpayers were unable to provide evidence to prove the genuineness of the deductions claimed by them.
In a release, P.M. Senthilkumar, Joint Commissioner of Income Tax, said that in this context, it was informed that from April 1, 2022, even after expiry of due dates for filing regular and belated returns, the taxpayers were allowed to file updated returns upon payment of additional tax as provided in section 139(8A) of the Income-tax Act. Under this, the taxpayer can correct errors of omission or commission within two years from the end of the relevant assessment year.