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ITR Update: Taxpayer should submit ITR today otherwise heavy penalty will be imposed, Income Tax Department alerts

In a tweet a day before the end of the current financial year, the Income Tax Department has asked to file updated ITR.

ITR Update: In a tweet a day before the end of the current financial year, the Income Tax Department has asked to file updated ITR. In its tweet, the Income Tax Department has also informed about the last date for filing updated ITR and has also given information about which years you can file updated ITR.

It is written in the tweet of the Income Tax Department – ‘Attention all taxpayers! The last date to file updated ITR for assessment year 2021-22 is 31 March 2024. You can also file updated ITR for assessment years 2022-23 and 2023-24 and save yourself from higher tax liability later. Don’t delay, file today itself.

What is Updated ITR?

Updated returns were introduced in the Budget 2022 under section 139(8), under which the government gave the option to taxpayers to file their updated returns within a specified timeline. Its concept is to give an opportunity to the taxpayer that if he has not filed ITR, or there are some updates, then he should file the updated return.

When can you file Updated Return?

If you have filed original, belated or revised ITR or have not filed a return for any previous assessment year, then you can file an updated return.

When can you not file Updated Return?

Updated Return also comes with some conditions. You cannot file this return in some circumstances, such as-

1. If you are filing an updated return and your tax liability is less than the original return, then you will not be able to file it.

2. Even if the refund in the updated return is more than the original return, you will not be able to pay it.

3. Even if you have not filed the original return and are now filing an updated return to claim tax refund, you cannot file this return.

4. If you have filed an updated return for any assessment year, then it is not allowed again.

5. Apart from this, if any search is going on against you, any survey is going on. Even if any asset has been confiscated, you cannot file an updated return.

How to file updated return?

For this you will have to select ITR-U form on the tax filing portal. If you have made a refund claim, you will have to give its details, update additional income and then after filling the form, you must verify your return.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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