In case you have missed December 31 deadline for submitting your belated tax return or revising your filed ITR, then you might have the choice to file an up to date ITR, ITR-U, below Part 139(8A) with some penalty and additional tax. An up to date ITR, is an up to date return that permits you to file/replace any of your earlier returns inside 24 months of the yr during which the unique return was to be filed/was filed. ITR U is launched to enhance tax compliance by taxpayers with out involving litigations. This was introduced within the Price range 2022.
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Due Dates for Submitting Revenue Tax Return For AY 2022-23
What’s Up to date ITR return?
An up to date ITR,ITR-U, is an up to date return that permits you to replace/file any of your earlier earnings tax returns below part Part 139(8A) inside 24 months from the top of the related evaluation yr. ITR U is launched to enhance tax compliance by taxpayers with out involving litigations.
- The up to date return may be furnished inside 24 months from the top of the precise evaluation yr. For instance, for the evaluation yr 2022-23, an up to date return may be filed by 31 March 2025
- The federal government launched the idea of up to date returns within the Union Price range 2022.
- An up to date ITR (ITR-U) may be filed no matter whether or not a person has filed an unique, belated or revised ITR or has utterly missed submitting the shape in a selected monetary yr.
- A taxpayer might file just one up to date return for every evaluation yr(AY).
- You can not file a Nil return in ITR-U.
- ITR-U can’t be filed when there is no such thing as a extra outflow of tax.
- An extra tax shall be levied u/s 140B.
- The extra tax is 25% or 50% of the tax and curiosity due, relying on whether or not the ITR-U is filed inside 12 or 24 months from the top of the related evaluation yr.
Your complete earnings tax legal responsibility can be as below:
Whole Revenue Tax Legal responsibility = Tax Payable + Curiosity +Late-filing charges + Further Tax
Web Tax Legal responsibility = Whole Revenue Tax Legal responsibility (as above) – TDS/TCS/Advance Tax/Tax Reduction
Notice: that ITR-U can’t be used to indicate a loss return, declare earnings tax refund and so forth.
When can an Up to date ITR be filed?
An Up to date Return may be filed within the following circumstances:
- Didn’t file the return. Missed return submitting deadline and the belated return deadline
- Revenue shouldn’t be declared appropriately
- Selected improper head of earnings
- Paid tax on the improper charge
- To scale back the carried ahead loss
- To scale back the unabsorbed depreciation
- To scale back the tax credit score u/s 115JB/115JC
When can an up to date ITR not be filed?
ITR-U can’t be filed within the following circumstances:
- Up to date return is already filed
- For submitting nil return/ loss return
- For claiming/enhancing the refund quantity.
- When up to date return leads to decrease tax legal responsibility
- Search continuing u/s 132 has been initiated in opposition to you
- A survey is performed u/s 133A
- Books, paperwork or belongings are seized or referred to as for by the Revenue Tax authorities u/s 132A.
- If evaluation/reassessment/revision/re-computation is pending or accomplished.
- If there is no such thing as a extra tax outgo (when the tax legal responsibility is adjusted with TDS credit score/ losses and also you shouldn’t have any extra tax legal responsibility, you can’t file an Up to date ITR)
What’s the time restrict to file ITR-U?
ITR-U is relevant from 1st April 2022. So through the present monetary yr 2022-23, you possibly can file ITR-U for AY 2020-21 and AY 2021-22.
E.g., The Return of FY19-20 may be up to date until thirty first March 2023.
Steps to File ITR-U (Revenue Tax Up to date Return) Type
The Up to date ITR type has been saved very brief and easy in order that the assessee can fill within the related data simply. Revenue Tax Division has enabled E-filing of Up to date ITR u/s 139(8A) for AY 2020-21 and AY 2021-22
- Obtain the ITR U Excel utility fill it from Revenue Tax e-filing portal for the Asssement Yr you have an interest in. Go to the Obtain part of the Revenue Tax Web site (https://www.incometax.gov.in/iec/foportal) and choose the AY for which you wish to file Up to date ITR. Examine our article Distinction between Evaluation Yr and Monetary Yr for particulars
- You may import the pre-filled information within the Excel utility by clicking on import pre-fill. It’ll take you to e-file earnings tax return after which click on on obtain pre-filled information
- Beneath Filed u/s possibility select Part 139(8A)
- Fill the rationale for submitting an up to date return
- Fill when are you submitting the up to date return (Choices are with 12/24 months from the top of related assement yr)
- Fill the totally different Varieties of Revenue you earned in that Evaluation Yr like Revenue From Wage, Revenue from Home Property and many others
- Declare any Tax Deductions/Exemptions
- Fill/Confirm the TDS
- Click on on Calculate Tax
- Pay the Tax due utilizing Challan 280, replace the main points. Examine our article Self Evaluation Tax, Pay Tax utilizing Challan 280, Updating ITR for particulars
- Load the Json file on the Revenue Tax e-filing portal
- If you’re a person incomes salaried earnings and haven’t accomplished buying and selling then you might have choose not audited below part 44AB. Tax audits are typically required for corporations and people whose complete gross sales, turnover, or gross receipts exceed a sure threshold in a monetary yr. For extra particulars you possibly can try our article What’s Tax audit
- Full the verification
- Submit the return
Up to date ITR , ITR U Utility
Video about Up to date ITR
This YouTube video from Revenue Tax explains what’s up to date ITR and how you can file Up to date Revenue Tax Return (ITR U)
What’s the penalty on Submitting ITR Late
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Associated Articles:
It’s best to file ITR earlier than the deadline. After lacking the deadline one has to pay further penalty and additional tax. You may file Up to date ITR, ITR-U even for those who missed the unique ITR submitting deadline.
