How to File Updated ITR-U Returns
How to File Updated ITR-U Returns Filing Income Tax Returns (ITR) is a crucial responsibility for all taxpayers. However, there are situations when taxpayers miss the filing deadline or need to correct errors in previously filed returns. To address this, the Income Tax Department introduced the concept of an Updated Return (ITR-U). How to File Updated ITR-U Returns This blog provides a detailed guide to help you understand the filing process, deadlines, and key points for filing ITR-U for the Assessment Years (A.Y) 2022-23, 2023-24, and 2024-25.
What is ITR-U?
ITR-U is an updated return that allows taxpayers to rectify errors or omissions in their original or revised income tax returns. How to File Updated ITR-U Returns It provides an opportunity to ensure tax compliance by voluntarily disclosing any missed income or correcting inaccuracies.
The provision for filing an ITR-U was introduced under Section 139(8A) of the Income Tax Act, 1961. How to File Updated ITR-U Returns It is particularly beneficial for individuals or businesses who inadvertently failed to report certain income or deductions within the regular timelines.
Deadlines for Filing ITR-U
The last date for filing an updated return is 24 months from the end of the relevant assessment year. Below are the deadlines for the specified assessment years:
- A.Y 2022-23:
- Last date: 31st March 2025
- A.Y 2023-24:
- Last date: 31st March 2026
- A.Y 2024-25:
- Last date: 31st March 2027
It is essential to adhere to these deadlines to avoid penalties and ensure compliance.
Eligibility for Filing ITR-U
You can file an updated return under ITR-U if:
- You missed filing your original return.
- There was an error or omission in your previously filed return.
- You wish to report additional income or correct deductions claimed erroneously.
However, you cannot file ITR-U if:
- A search or survey has been conducted against you.
- The income declared in the updated return relates to undisclosed income detected during such proceedings.
- The updated return results in a refund or reduction of tax liability. How to File Updated ITR-U Returns
- The updated return involves any proceedings under the Benami Transactions (Prohibition) Act, 1988, or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Steps to File ITR-U
Here’s a step-by-step guide to filing an updated return:
- Login to the Income Tax Portal
- Visit www.incometax.gov.in and log in using your PAN and password.
- Select the Correct Assessment Year
- Choose the assessment year for which you want to file the updated return.
- Download the Utility for ITR-U
- Navigate to the downloads section and download the ITR-U utility.
- Fill in the Details
- Provide details of the original or previously filed return, along with the reasons for filing an updated return.
- Include the additional income or corrections being disclosed.
- Calculate the Additional Tax Liability
- Additional tax payable includes:
- 25% of the additional tax and interest if filed within 12 months from the end of the assessment year.
- 50% if filed after 12 months but within 24 months.
- Additional tax payable includes:
- Upload the Updated Return
- After completing the ITR-U form, upload it on the portal and verify using Aadhaar OTP, net banking, or EVC.
- Pay the Tax Liability
- Pay the calculated tax liability before submission to avoid rejection of the updated return.
Points to Remember
- Documentation: How to File Updated ITR-U Returns Keep all necessary documents, such as Form 16, bank statements, and proof of deductions, handy.
- Accuracy: Double-check all entries to avoid errors in the updated return.
- Verification: Ensure timely verification of the return to complete the filing process.
Why File ITR-U?
Filing an updated return helps:
- Avoid penalties or scrutiny by the Income Tax Department.
- Maintain a clean financial record.
- Correctly report income and claim deductions, ensuring compliance with tax laws.
Need Help?
If you need assistance in filing your ITR-U or have any queries related to income tax compliance, feel free to contact us at 730 430 7888. Our team of experts is here to guide you through every step of the process.
Conclusion
How to File Updated ITR-U Returns The provision to file ITR-U is a valuable opportunity for taxpayers to rectify past mistakes and ensure compliance. By understanding the deadlines, eligibility criteria, and filing process, you can make the most of this provision and avoid unnecessary penalties. Act now to file your ITR-U for A.Y 2022-23 before the deadline of 31st March 2025.
For more updates on taxation and compliance, stay tuned to our blog and contact us for personalized guidance.
For More Information :https://taxgyany.com/