The last date for filing updated income tax return for income tax payers is nearing. Taxpayers who have not yet filed the updated return for the assessment year 2020-21 should file it under any circumstances
. Otherwise, the additional increased tax on the tax and interest payable may have to be paid in the form of penalty. At the same time, the Income Tax Department has also given an opportunity to the income taxpayers to file updated returns for the assessment year 2022-23.
The Income Tax Department had given 31 December 2022 as the last date to the taxpayers to file belated ITR, revised and updated ITR. Now the Income Tax Department has alerted the taxpayers to file updated returns for the assessment year 2020-21. The Income Tax Department has also issued a circular in this regard and has also given the last date. At the same time, the Income Tax Department has opened a window to facilitate filing of updated returns for the assessment year 2022-23.
Income Tax Department has issued a warning
Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!
Exemption received under Section 139(8A) of the Income Tax Act
The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.
Kind Attention Taxpayers!
Last date to file Updated ITR for AY 2020-21 is 31.03.23. Don’t miss this last chance!
Updated ITRs for AY 2021-22 & 2022-23 can also be filed by 31.03.23 to avoid paying higher tax later.
Pl refer to S. 139(8A) of IT Act, 1961.
Don’t delay, file today! pic.twitter.com/8cr1i6ct6c— Income Tax India (@IncomeTaxIndia) March 16, 2023
Income Tax Department has issued a warning
Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!
Exemption received under Section 139(8A) of the Income Tax Act
The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.
