Missed filing your Income Tax Return for last 2 years, Here is your chance to file your Income Tax Return. In the Union Budget 2022, the government introduced 𝐈𝐓𝐑 𝐔 form for updating income tax returns. Form is for those who have not filed their ITR or made an error while filing their returns.

Any taxpayer can furnish an updated return whether he has furnished/not furnished an original return, revised return, or belated return in case of any omission, error, or wrong statement in his earlier return of income.

𝐀𝐧 𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐑𝐞𝐭𝐮𝐫𝐧 𝐜𝐚𝐧 𝐛𝐞 𝐟𝐢𝐥𝐞𝐝 𝐢𝐟: → 

·        Wrong rate of tax

·        Return previously not filed

·        Income not reported correctly

·        Wrong heads of income chosen

·        Reduction of carried forward loss → 

·        Reduction of unabsorbed depreciation

·        Reduction of tax credit u/s 115JB/115JC

The time limit for filing an updated return is 𝟐𝟒 𝐦𝐨𝐧𝐭𝐡𝐬 from the end of the relevant assessment year. So for 𝐀𝐘 𝟐𝟏-𝟐𝟐, due date to file the updated return will be 𝟑𝟏𝐬𝐭 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟒 and similarly for 𝐀𝐘 𝟐𝟐-𝟐𝟑 will be 𝟑𝟏𝐬𝐭 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟓.

If updated return is filed within 𝟏𝟐 𝐦𝐨𝐧𝐭𝐡𝐬 from the end of the AY, one needs to pay an additional income tax of 𝟐𝟓% and If filed after 𝟏𝟐 𝐦𝐨𝐧𝐭𝐡𝐬 𝐚𝐧𝐝 𝐛𝐞𝐟𝐨𝐫𝐞 𝟐𝟒 𝐦𝐨𝐧𝐭𝐡𝐬, then the additional income tax will be 𝟓𝟎%, apart from normal applicable tax and interest.

𝐀𝐧 𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐑𝐞𝐭𝐮𝐫𝐧 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 𝐟𝐢𝐥𝐞𝐝 𝐢𝐟: There is an increase of refund amount If an updated return is the return of loss There is a reduction in tax Liability in the return filed earlier Search has been initiated u/s 132 If survey has been conducted u/s 133A Books of Accounts or documents are requisitioned u/s 132A If any proceeding of assessment, reassessment, re-computation or revision is pending or completed for that relevant year

Don’t miss out on your chance to get your taxes in order! File your overdue ITRs, report accurate income, and fix any mistakes to avoid penalties and stay in good standing with the tax authorities.