Discover the one-time opportunity to submit your Income Tax Return (ITR) for FY 2019-20 & FY 2020-21 now. Learn about the ITR-U form and updated deadlines.
Taxpayers who missed the deadlines to file their ITR for FY 2019-20 and FY 2020-21 can do so now.
Do you want to know how??
Then read the entire article.
In the Union Budget 2022, the government introduced the ITR U form for updating income tax returns. The ITR-U form is a rescue for those who have not filed their ITR or made inaccurate and false entries while filing their income tax return.
the income tax department has notified Form ITR-U for filing the ‘Updated’ income tax return available in Section 139(8A) for any person who has furnished/not furnished ITR.
What will be due date to file an Updated ITR?
1. FY 2019-20 (AY 2020-21): An Updated return needs to be filed on or before 31/03/2023.
2. FY 2020-21 (AY 2021-22): An Updated return can be filed on or before 31/03/2024.
So, taxpayers filing returns for:
- FY 2019-20 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest.
- FY 2020-21 will need to pay the tax due and interest along with an additional 25 per cent of the tax and interest.
In ITR-U, the taxpayer needs to specify only the amount of additional income, under the prescribed income heads, on which tax is required to be paid. No detailed income break-up must be submitted, as in the case of filing regular ITR form.
Taxpayer must specify any 7 reasons for filing return in ITR-U from below:
- Return previously not filed;
- Income not reported correctly;
- Wrong head of income;
- Incorrect rate of tax;
- Reduction of carried forward losses or unabsorbed depreciation;
- Reduction of Minimum Alternate Tax;
Taxpayers cannot file updated return in cases of following:
- No additional tax outgo;
- Lowers the tax amount;
- refund or increase in the refund amount;
- Search or survey or prosecution proceedings are initiated;
- Assessment/reassessment/revision/re-computation is pending.
The Tax Department is biased as it allows filing of ITRs of past years only in case of Tax liability & not in case of refund or filing for compliance, which many taxpayers require as income proof, etc.
You can only file if there is any tax payable!
I hope you know how to read between the lines…😉
Author Bio
I had missed filling ITR for FY 2020-21 and 2021-22. There is no net tax liability, infact I would have some refund for 3020-21. Can someone guide how can I proceed?
PS: Have already filed ITR for FY 2022-23