Updated ITR can be filed within 2 years from the end of the assessment year (AY). ITR-U for the current financial year 2023-24 (AY 2024-25) or updated ITR can be filed for the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23).
New Delhi. Updated tax return is called ITR-U or Updated ITR. It was 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. If any taxpayer has not filed ITR by the due date or there are some updates (such as under-reporting of income or correcting wrong reporting), then he should file an updated return.
Who can file ITR-U or Updated ITR?
An ITR-U or Updated ITR can be filed by the person who had filed Basic ITR by the due date or filed late ITR or missed filing any ITR, they can also file this ITR.
Deadline to file updated return:
Updated ITR can be filed within 2 years from the end of the assessment year (AY). ITR-U for the current financial year 2023-24 (AY 2024-25) or updated ITR can be filed for the financial year 2020-21 (AY 2021-22) and financial year 2021-22 (AY 2022-23).
Is there any penalty for ITR-U?
If you have not reported the income, i.e. the income which has not been declared, then 25 percent tax can be imposed on the tax and interest paid on it. This penalty will also have to be paid within 12 months of the end of the assessment year. On the other hand, when ITR-U is filed within one year or two years of assessment year, the penalty increases by 50 percent.
How to file updated return?
You can submit it on eportal.incometax.gov.in.
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