The Income Tax Department has given relief to the taxpayers filing updated ITR for the assessment year 2023-2024. If you are also among them, then you can take advantage of this.
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The Income Tax Department on Wednesday said that taxpayers can avail 25% less additional tax and interest if they file updated ITR for assessment year 2023-2024 by March 31, 2025. In a post on social media platform X, the Income Tax Department gave information about this new development. In this post, the department has written that please note taxpayers! Please file updated ITR for AY 2023-2024 by March 31, 2025 (if applicable) to avail 25% less additional tax and interest. Do not delay, file today!
Advice regarding penalty and additional financial burden
The Income Tax Department has asked taxpayers to file their updated income tax return (ITR-U) as soon as possible before March 31, 2025. Advising this, the department said that this will save you from small penalty and additional financial burden. Filing updated returns allows taxpayers to voluntarily disclose any undeclared income or correct errors in previously filed returns. The government in 2022 introduced the option for taxpayers to file updated I-T returns (ITR-U) for up to 2 years from the relevant assessment year by paying additional income tax.
Kind Attention Taxpayers!
Please file Updated ITR for AY 2023-2024 by March 31st, 2025 (If applicable) to avail lower additional tax of 25% and Interest.
Don’t delay, file today! pic.twitter.com/DspbGCUc6O
— Income Tax India (@IncomeTaxIndia) March 26, 2025
4.64 lakh updated ITRs filed till 28 February
Minister of State for Finance Pankaj Chaudhary had recently told the Lok Sabha that in the current assessment year (2024-25), 4.64 lakh updated ITRs have been filed till 28 February and tax of Rs 431.20 crore has been paid. In the assessment year 2023-24, more than 29.79 lakh ITR-U were filed and additional tax of Rs 2,947 crore was paid. Filing updated ITR after March 31 will increase the tax liability by up to 50% plus interest.
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