You can file your income tax return under ITR U

The last date for filing income tax return for the tax assessment year 2022 2023 has passed on December 31.

The last date for filing income tax return for the assessment year 2022 2023 has passed on December 31, 2022. Still there are many taxpayers till December 31 to file their assessment year.

Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U.

Taxpayer has been given a big facility under ITR U. With this feature, any taxpayer can update his income tax return within 2 years from the end of the assessment year. That is, if there is any mistake in your old ITR or you want to give any financial information, which was missed earlier, then you can rectify it by filling it. If a taxpayer wants to change his income tax return for the last three years and he If he wants to show increased income, he can do so by paying additional tax.

If a taxpayer wants to reduce his income in his previous returns, then it cannot be done and refund cannot be claimed under ITR U.

Ten thousand late fees will be charged for income above five lakhs in assessment year 2020-2021 and additional tax will have to be paid at 50 percent of the total tax liability.

Assessment year 2021-2022 And in 2022 and 2023, if the income is more than five lakhs, five thousand late fees and 25 percent tax of the total tax liability will have to be paid and if the income is less than five lakhs in these three years, then only one thousand fees will have to be paid.