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Updated Return – Comprehensive chart from AY 2020-21 to 2022-23 and Relevant Provisions

Article explains What is Updated Return, Who can file Updated Return, Time Limit to file Updated Return, Manner of Computation of Tax in case of Updated Return and contains Comprehensive chart related to Updated Return from AY 2020-21 to 2022-23.

What is Updated Return?

Updated Return is the Form used for updating your Income Tax Return within 2 years from the end of the year in which original return is filled. The government introduced the concept of updated returns U/s 38 of Finance Act 2022.

Comprehensive chart related to Updated Return from AY 2020-21 to 2022-23

A.Y. Late fee if total income Additional Tax U/s 140B Last Date to File Return
Up to Rs 5 Lakhs Above Rs. 5 Lakhs 25% 50%
A.Y. 2020-21 1,000 10,000 No Option From 01/04/2022 to 31/03/2023 31/03/2023
A.Y. 2021-22 1,000 5,000 From 01/04/2022 to 31/03/2023 From 01/04/2023 to 31/03/2024 31/03/2024
A.Y. 2022-23 1,000 5,000 From 01/04/2023 to 31/03/2024 From 01/04/2024 to 31/03/2025 31/03/2025

Who can file Updated Return?

Any person who has erred in filling or omitted any income in any of the following returns can file an updated return:

  • Original return of income, or
  • Belated return, or
  • Revised return

Following person cannot file Updated Return

  • Updated return is already filed
  • Nil return/ loss return
  • If amount of refund is enhanced.
  • When updated return results in lower tax liability
  • Search proceeding u/s 132 has been initiated
  • A survey is conducted u/s 133A
  • Books, documents or assets are seized or called for by the Income Tax authorities u/s 132A.
  • If assessment/reassessment/revision/re-computation is pending or completed.
  • If there is no additional tax outgo.

Time Limit to file Updated Return

The time limit for filing ITR-U is 2 Years from the end of the relevant assessment year. 

 Manner of Computation of Tax in case of Updated Return

Sr. No. Particulars
1 Tax payable
on additional income as per modified ITR (as per Part B-TTI of modified ITR)
2. Interest levied, if any, on additional income under Section 234A/234B/234C (as per Part B-TTI of modified ITR)
3. Late fee, if any, under Section 234F (as per Part B-TTI of modified ITR)
4. Taxes paid or relief TDS/TCS/Advance Tax/regular assessment tax/Relief
5. Total refund issued (including interest)/claimed as per the original return.
6. Aggregate tax liability on additional income (1+2+3+5-4
7. Additional tax
25% or 50% on (6-3)
8. Net Amount Payable (6+7)


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July 2024