The last date for filing income tax return was 31 July 2023. However, in some cases people can still file their income tax returns. In such a situation, whether a taxpayer has filed belated or revised return or not, he can file an updated return. But there are some conditions for this. Today we are going to give you detailed information about the updated return. Along with this, they will also tell who can fill it and when. Actually, the government has started a new facility of income tax return filing, which is called updated return. Let us tell you, taxpayers also have to pay penalty for filing updated returns. At the same time, its form is also different which is called Form ITR-U.
What is an updated return and who can file it?
Updated return can be filed within 24 months of any relevant assessment year. Irrespective of whether the taxpayer has filed a revised or belated return for that period or not, he will get the facility to file an updated return. Along with this, if you had also filed the return, but there was a mistake in reporting income or there was a mistake in the form, then you can correct it with the updated return.
Who cannot file updated ITR?
- Return is nil, or loss return,
- There is a possibility of deduction of tax liability arising out of the return filed in the current assessment year,
- Refund is made on the basis of returns filed in the current assessment year or refund amount is increased,
- If there has been any incident of seizure or search, in which action has been initiated.
Have to pay more tax
If the updated ITR or Form ITR-U is filed within 12 months, then the taxpayer will have to pay an additional 25% on the total outstanding tax and interest accrued thereon. On the other hand, if you file after 12 months but within 24 months, then you have to pay an additional tax of 50% of the total outstanding tax and interest.
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