Updated ITR Last Date: The current financial year ends on 31 March. After that, the new financial year 2024-25 will start from April 1, 2024…
This financial year is going to end in a few days, along with which many deadlines are also coming to an end. This time of the financial year becomes important from the income tax point of view. One of the deadlines which is ending with the financial year on 31st March is the deadline for filing ITR-U i.e. updated income tax return.
What is updated income tax return?
The Income Tax Department gives taxpayers an opportunity to correct their mistakes. For this purpose, provision of ITR-U has been made. If you have given any wrong information in the old income tax return or have forgotten to show any income, then you can correct it by filing an updated return. Even if you have not filed a return earlier, you can still file a new return through updated return.
ITR-U is available for 2 years
The last date for filing updated returns is 31 March. Using the updated return, taxpayers can revise the return up to 2 years from the relevant assessment year. That is, the deadline ending on March 31, 2024, is to file updated income tax return for the financial year 2020-21 or assessment year 2021-22.
Fine may be up to 200%
The facility to file updated income tax returns has started from 1 April 2022. This is a great opportunity for those taxpayers who have missed any information in the old ITR or who have not been able to file the return even after being required to file it as per the income tax rules. The consequences of missing this last chance can be very heavy, because if caught by the Income Tax Department, a penalty of up to 200 percent of the payable tax will be imposed.
I have to pay so much more
Taxpayers also have to pay handsomely for filing updated returns. Additional tax equal to 25 per cent of the tax liability and interest has to be paid by filing updated returns within 12 months of the end of the relevant assessment year. Whereas if updated return is filed after 12 months and before 2 years, 50 percent additional tax has to be paid. Taxpayers filing updated returns for FY 2020-21 or Assessment Year 2021-22 can rectify the mistake or file a new ITR after paying 50% extra tax by March 31, 2024.
