(ITR-U) Updated Income Tax Return Last Date : 2 साल के अंदर भर सकते हैं Updated ITR, देखें डिटेल !!

Updated Income Tax Return Last date : The Income Tax Department has issued an important reminder asking taxpayers to file updated income tax returns (ITR) for the tax year 2021-2022 as soon as possible. The last date of submission of the updated notification for assessment year 2021-2022 is 31 March 2024.

Income Tax Department twitted, “Kind Attention Taxpayers! Last date for filing your Updated Income Tax Return for Assessment Year 2021-2022 is March 31, 2024. Don’t delay, file today!”

Who has to submit the revised ITR (ITR-U) with how much of the tax amount ?

This income tax reminder applies to the people who have not yet filed an original or amended return. It also applies to people who want to correct mistakes on their filed tax return if they didn’t report their income correctly.

Errors include:

  • You chose the wrong income tax preparer or paid your taxes at the wrong rate.
  • Carried forward losses or unrecognized capital expenditures must be reduced.
  • There is a requirement in Reduction of MAT (Minimum Alternate Tax)/ AMT (Alternate Minimum Tax) credit.
(ITR-U) Updated Income Tax Return Last date: 2 साल के अंदर भर सकते हैं Updated ITR, देखें डिटेल

MAT (Minimum Alternate Tax) does not apply to individuals and they are exempted from AMT if their annual income exceeds Rs 20 lakh.

When you file an updated return, you must also pay taxes on the updated return plus interest, fees and additional income taxes. Until March 31, 2024, if taxpayers file a new return for the fiscal year 2021-2022, they must be willing to pay additional income tax equal to 50% of the total tax and interest. If filed, the additional taxable income required for the following year (2022-2023) is 25%.

आयकर विभाग ने शुरू की नई ‘Discard ITR’ सुविधा | लॉगिन → ई-फाइल → ITR → ई-सत्यापित आईटीआर → “डिस्कार्ड”।

Canada Stat Holidays 2024 [Canada Public Holidays 2024]

What is an Updated ITR (ITR U) ?

  • The ITR-U form is a rescue for those who have not filed their ITR or made inaccurate and false entries while filing their income tax returns.
  • ITR-U is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return.
  • For instance, for the assessment year 2021-22, an updated return can be filed by 31 March 2024 if the taxpayers have missed reporting some income.
Assessment YearLast Date of Updated ITR Filing
AY (2020-21)31 March 2023
AY(2021-22)31 March 2024
AY(2022-23)31 March 2025

Who is not eligible to file ITR-U ?

  1. If it is Return of Loss.
  2. If it has the effect of decreasing the tax liability or increasing the refund.
  3. A search has been initiated u/s 132 or books of accounts or other documents or any assets are requisitioned u/s 132(A).
  4. A Survey has been conducted u/s 133A other than Section 133A(2A).
  5. If any Assessment is pending or completed.
  6. If Assessing Officer has information about the assessee under specified acts .
  7. If any information has been received u/s 90 or 90A and same has been communicated to him before the date of furnishing updated return.
  8. If any Prosecution proceedings have been initiated before the date of furnishing updated return.
  9. If the taxpayer belongs to such class of persons as notified by board.

How to File ITR-U Form ?

ITR-U searches the following additional details from the taxpayers:

Part A – General Information (ITR-U)

This part of ITR-U seeks general information from taxpayers regarding filing an updated return. It contains the following:

  • P.A.N.
  • Aadhar number
  • Assessment Year
  • Whether return filed previously for this assessment year? (Yes/No)
  • If yes, Whether filed u/s 139(1)
  • If applicable, enter form filed, Acknowledgement no. or Receipt No. and Date of filing the original return(DD/MM/YYYY)
  • Are you eligible to file an updated return? i.e., a person is not falling in such circumstances wherein an updated return cannot be filed.
  • Choosing the ITR form for filing an updated return
  • Reason for updating income. This includes reasons such as returns not filed previously, income not reported correctly, wrong heads of income chosen, etc.
  • Are you filing an updated return within 12 months from the end of the relevant AY or between 12 to 24 months from the end of the pertinent AY?
  • Are you filing an updated return to reduce carried ahead loss, unabsorbed dep., or tax credit?

Part B – Computation of updated income and tax payable (ITR-U)

  • 1(A) Head of income under which additional income is being returned as per Updated Return
  • 1 (B) Total income as per last valid return (only in cases where the Income Tax Return has been previously filed)
  • Total income as per Part B-TI
  • The amount payable, if any (To be taken from the –Amount payable of Part B-TT of the updated ITR)
  • Amount refundable, if any (To be taken from “Refund” of Part B-TTI of the updated ITR
  • The amount payable on the basis of last valid return (only in applicable cases).
  • 6.(i) Refund claimed as per last valid return if any (Please see instruction)
  • 6 (ii) Total Refund issued as per last valid return, if any (including interest u/s 244A received)
  • Fee for default in furnished return of income u/s 234F
  • Regular Assessment Tax
  • Aggregate liability on extra income
  • Additional income-tax obligation on updated income [25% or 50% of (9-7)]
  • Net Amount Payable
  • Tax paid u/s 140B
  • Tax due (11-12)
  • Details of payments of tax on updated return u/s 140B.
  • Details of payments of Advance Tax / Self-Assessment Tax / Regular Assessment Tax, credit for which has not been claimed in the earlier return (credit for the same is not to be allowed again under section 140B(2)).
  • Note: Credit for the above is not permitted again under section 140B(2)
  • Relief u/s 89, which is not claimed in earlier return [relief for the same is not to be permitted under section 140B(2)].

How is an updated return verified?

ITR-U can be verified via :-

  • Electronic Verification Code(EVC),is given for non-tax audit cases.
  • Digital Signature Certification (DSC) in tax audit cases.

How to Calculate Updated Income Tax Return via Simple Process ?

Section 140B of the Income Tax Act 1961 provides the procedure to compute income tax on an updated return.

  • Payable Tax + Interest + Payable fees for nonfiling of Income Tax (if any) + Payable amount as Additional Tax (For taking benefit of Section 139(8A))= Total Income Tax Liability.
  • Total Income Tax Liability (from above) – TDS/TCS/Advance Tax/Tax Relief etc. = Net Tax Liability u/s 140B.

FAQ’s : Updated Income Tax Return for AY 2021-22

What are the advantages of filing an Updated Return, i.e., Form ITR-U ?

Taxpayers get an additional 24 months to file Income Tax Returns even after the deadline for filing the Original ITR, Belated ITR, and Revised ITR has expired or passed.
Taxpayers can report any missed out income and pay tax on it, thus reducing the chances of future tax notices and lawsuits.

Can a taxpayer claim a refund by submitting the updated return ?

No, if the Updated Return results in a reduction in tax liability, increase in a tax refund or claim of loss, the taxpayer cannot file an Updated Return.

What is the due date to file an updated return for AY 2021-22 ?

The due date to file an Updated Return in Form ITR-U for AY 2024-22 is 31st March 2024.

Is it possible to file two ITRs for the same financial year ?

A taxpayer can file an updated ITR only once for a financial year. Therefore, it should be done carefully