If you filed your tax return late or missed the December 31 deadline to amend your filed ITR, file an updated ITR under Section 139(8A), the ITR-U. You have the option to do so, subject to fines and additional taxes.Renewed ITR is a renewed return that allows you to file/update previous returns within 24 months The year the original return was to be filed/filed. The ITR U was introduced to improve tax compliance by taxpayers without litigation. This was announced in the 2022 budget.
![Income tax filing deadline for 2022-23](https://www.bemoneyaware.com/blog/wp-content/uploads/2022/07/timelines-filing-tax-return.jpg?x74955)
Income tax filing deadline for 2022-23
What are updated ITR returns?
The updated ITR, ITR-U, is a updated return that allows you to update/file your previous income tax return under Section 139(8A) within 24 months. From the end of the applicable evaluation yearThe ITR U was introduced to improve tax compliance by taxpayers without litigation.
- A renewed return may be submitted within 24 months of the end of a given evaluation year. For example, for the 2022-23 assessment year, updated returns can be submitted by March 31, 2025.
- The government has introduced an updated revenue concept in the Federal Budget 2022.
- An updated ITR (ITR-U) can be submitted regardless of whether an individual submitted an original ITR, a delayed or revised ITR, or did not submit the form in its entirety in a particular fiscal year. increase.
- A taxpayer may only file one updated return for each assessment year (AY).
- You cannot submit a Nil return in the ITR-U.
- An ITR-U cannot be filed without additional tax spills.
- Additional tax will be charged on u/s 140B.
- The additional tax will be 25% or 50% of tax and interest, depending on whether the ITR-U is filed within 12 months or within 24 months of the end of the relevant assessment year.
Your gross income tax liability will be:
gross income tax liability = tax payable + interest + late fee + additional tax
net tax liability = Gross Income Tax Liability (as above) – TDS/TCS/Advance Tax/Tax Reduction
Note: The ITR-U cannot be used to file a loss return, claim an income tax refund, etc.
When can I submit an updated ITR?
updated return can be submitted If:
- I didn’t file a return.Incomplete and late filing deadlines
- Incorrectly declared income
- chose the wrong source of income
- paid taxes at the wrong rate
- To reduce carry forward losses
- To reduce unabsorbed depreciation expense
- To reduce the tax credit, u/s 115JB/115JC
When can I not submit an updated ITR?
ITR-U can’t submit If:
- An updated return has already been submitted
- In the case of non-declaration / non-declaration
- To claim or increase the refund amount.
- Where updated returns result in a reduction in tax liability
- A search procedure has been initiated against you by U/S 132
- A survey will be conducted on u/s 133A
- If your books, documents, or assets are seized or demanded by an income tax authority. u/s 132A.
- If an evaluation/re-evaluation/revision/recalculation is pending or completed.
- If there are no additional tax expenditures (you cannot submit a renewal ITR if your tax liability is adjusted for TDS deductions/losses and you have no additional tax liability)
What is the deadline for submitting the ITR-U?
The ITR-U will apply from 1 April 2022. Therefore, in the current fiscal year 2022-23, he can submit his ITR-U for the years 20-21 and 2021-22.
For example, FY19-20 returns can be renewed until March 31, 2023.
Steps to submit the ITR-U (Income Tax Updated Return) form
The updated ITR form has been kept very short and simple to make it easier for reviewers to fill in the relevant information. Income Tax Department has enabled Electronic Filing for Updated ITR u/s 139(8A) for 2020-21 and 2021-22
- Download the ITR U Excel Utility and complete it through the Income Tax Electronic Filing Portal for Evaluation year Visit the download section of the Income Tax site (https://www.incometax.gov.in/iec/foportal) and Select AY The one you want to submit an updated ITR for.For more information, see the article Difference Between Evaluation Year and Fiscal Year
- You can import pre-populated data into the Excel utility by clicking Import prefill.it takes you Submit your income tax return electronically,[事前入力されたデータをダウンロード]Click.
- [Filed u/s]Optionally select Section 139(8A)
- Please state your reason for submitting an updated return
- Indicate when the updated return will be filed (options are 12/24 months from the end of the relevant assessment year)
- List the different types of income you earned in that assessment year, including income from your paycheck, income from your home equity, etc.
- Claim tax exemption/exemption
- Fill out/verify TDS
- click calculate tax
- Use Challan 280 to pay taxes and update details. For more information, see our articles on self-assessed taxes, paying taxes with Challan 280, and updating your ITR.
- Load Json file in Income tax e-filing portal
- If you are a salaried individual and do not trade, you have elected not to be audited under Section 44AB. A tax audit is usually required for businesses and individuals whose total turnover, turnover, or gross income for the fiscal year exceeds a certain threshold. For more information, see our article What is a Tax Audit?
- complete verification
- submit a return
![Updated ITR, ITR U utilities](https://www.bemoneyaware.com/blog/wp-content/uploads/2023/01/updated-itr-u.jpg?x74955)
Updated ITR, ITR U utilities
Video about the updated ITR
This income tax YouTube video explains what an updated ITR is and how to file an updated income tax return (ITR U).
![What are the penalties for late submission of an ITR?](https://www.bemoneyaware.com/blog/wp-content/uploads/2014/08/tax-penalty-late.jpg?x74955)
What are the penalties for late submission of an ITR?
Related article:
We encourage you to submit your ITR before the deadline. If you miss the deadline, you will have to pay additional penalties and additional taxes. If you missed the original ITR submission deadline, you can still submit a renewal ITR, ITR-U.