Last Update: January 10, 2023, 11:29 AM IST
In these circumstances, one has the option of submitting an updated tax return (ITR U).
In these circumstances, one has the option of submitting an updated tax return (ITR U).
Indian Income Tax Regulations allow individuals to file their returns for the previous year, three months from the end of the relevant assessment year or before the conclusion of assessment, whichever is earlier. Therefore, a person who did not submit his income tax return by July 31, 2022 for the financial year 2021-2022 (age 2022-23) had the option to file his belated tax return by December 31, 2022. But what if someone misses this deadline as well?
In these circumstances, one has the option of submitting an updated tax return (ITR U). This option was made available in Budget 2022 and is available for 24 months after the end of the applicable assessment year by paying an additional tax of 25-50% on the interest tax.
Irrespective of whether a person has filed original, delayed, or revised ITR or has missed filing the form altogether in a particular financial year, an updated ITR (ITR-U) can be submitted only if the taxpayer has Have new income to report. However, there are certain circumstances in which a person cannot file an updated ITR. A person can, inter alia, file ITR-U if they have missed the deadline for doing so or revise their ITR if they have neglected to disclose income earlier. ITR-U cannot be used to declare any loss, get income tax refund or do any other such work.
If ITR-U for FY 2021-22 (age 2022-23) is filed within the first relevant assessment year, that is between April 1, 2023 and March 31, 2024, a person will be liable to pay 25% more tax Will also be responsible for paying. on tax due. If ITR-Us is filed between April 1, 2024 and March 31, 2025, an additional 50% of the tax payable will have to be paid.
As per a new rule introduced by the Central Board of Direct Taxes (CBDT), ITRs filed after July 31 should be updated within the first 30 days from 120 days of return filing. If a person has submitted revised or delayed ITR in December, they need to confirm the same in January before the deadline. ITRs must be verified within 30 days, or they become invalid.
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