Income Tax Return: The deadline to file billed Income Tax Return (ITR) for the financial year 2022-2023 has ended on 31 December 2023.
Those who have missed filing the belated Income Tax Return (ITR) for the financial year 2022-2023 by December 31, 2023, now have the option to file an updated ITR. Section 139(8A) of the Finance Act, 2022 allows taxpayers to file their updated returns. However, there is a period for filing updated returns.
Updated return
Updated Income Tax Return can be filed by every taxpayer, whether he has filed ITR earlier or not. Under income tax rules, updated ITR can be filed within 24 months from the end of the assessment year. Therefore, the updated return for Financial Year 22-23 (AY 2023-24) can be filed by March 31, 2026. But remember that for filing an updated return, the taxpayer has to pay a heavy penalty and an updated return cannot be filed to claim a tax refund.
How to file updated return? (How To File Updated ITR)
The updated return is filed using the ITR form relating to the assessment year, including Form ITR-U. Use the ITR form and complete schedules ‘Part A Gen_139(8A)’ and ‘Part B ATI’.
Electronic Filing: For specified taxpayers such as companies or those with audited accounts, electronic filing is mandatory along with a digital signature certificate. Others can file their updated returns electronically using a digital signature certificate or electronic verification code.
When a person is filing an updated return, he needs to provide certain details in the form –
- Basic details like PAN number, name and Aadhaar card number.
- Details of previous returns (if filed) such as section, ITR form, acknowledgment number and date of filing of previous return.
- Then select the relevant ITR form to file the updated return.
- After that select the reason for filing updated return.
Time to file updated return
The individual must disclose whether the updated return is being filed within 12 months from the end of the assessment year or between 12 and 24 months. Before submitting the form, review all the information given in it thoroughly. Because any wrong information given in the form can cause delay or audit.
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