Missed filing your Income Tax Return for last 2 years, Here is your chance to file your Income Tax Return. In the Union Budget 2022, the government introduced ๐๐๐ ๐ form for updating income tax returns. Form is for those who have not filed their ITR or made an error while filing their returns.
Any taxpayer can furnish an updated return whether he has furnished/not furnished an original return, revised return, or belated return in case of any omission, error, or wrong statement in his earlier return of income.
๐๐ง ๐๐ฉ๐๐๐ญ๐๐ ๐๐๐ญ๐ฎ๐ซ๐ง ๐๐๐ง ๐๐ ๐๐ข๐ฅ๐๐ ๐ข๐: โ
- Wrong rate of tax
- Return previously not filed
- Income not reported correctly
- Wrong heads of income chosen
- Reduction of carried forward loss โ
- Reduction of unabsorbed depreciation
- Reduction of tax credit u/s 115JB/115JC
The time limit for filing an updated return is ๐๐ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ from the end of the relevant assessment year. So for ๐๐ ๐๐-๐๐, due date to file the updated return will be ๐๐๐ฌ๐ญ ๐๐๐ซ๐๐ก ๐๐๐๐ and similarly for ๐๐ ๐๐-๐๐ will be ๐๐๐ฌ๐ญ ๐๐๐ซ๐๐ก ๐๐๐๐.
If updated return is filed within ๐๐ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ from the end of the AY, one needs to pay an additional income tax of ๐๐% and If filed after ๐๐ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ ๐๐ง๐ ๐๐๐๐จ๐ซ๐ ๐๐ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ, then the additional income tax will be ๐๐%, apart from normal applicable tax and interest.
๐๐ง ๐๐ฉ๐๐๐ญ๐๐ ๐๐๐ญ๐ฎ๐ซ๐ง ๐๐๐ง๐ง๐จ๐ญ ๐๐ ๐๐ข๐ฅ๐๐ ๐ข๐: There is an increase of refund amount If an updated return is the return of loss There is a reduction in tax Liability in the return filed earlier Search has been initiated u/s 132 If survey has been conducted u/s 133A Books of Accounts or documents are requisitioned u/s 132A If any proceeding of assessment, reassessment, re-computation or revision is pending or completed for that relevant year
Donโt miss out on your chance to get your taxes in order! File your overdue ITRs, report accurate income, and fix any mistakes to avoid penalties and stay in good standing with the tax authorities.
Ketki Dagha
founder of ketki dagha And Associates