Personal Finance News
2 min read | Updated on March 21, 2024, 14:35 IST
SUMMARY
March 31, 2024 is the last date for filing updated income tax returns or ITR-U for the assessment year 2021-22. ITR-U allows taxpayers to correct the errors or omissions on their ITRs up to 24 months from the end of the relevant assessment year.
ITR-U is a type of tax return that allows taxpayers to file or update an ITR.
The last date for filing updated income tax return (ITR) or ITR-U for financial year (FY) 2020-21 (assessment year 2021-22) for taxpayers is March 31, 2024. As the deadline is approaching, here are the things you should know.
ITR-U is a type of tax return that allows taxpayers to file or update an ITR. It is intended to encourage voluntary tax compliance and avoid consequences if the tax authorities detect omissions.
The time limit for filing ITR-U is two years from the end of the relevant assessment year. The filing of an updated return is optional for the taxpayer. The ITR can be updated for the following reasons:
While filing an updated return, the taxpayer is required to provide certain documents and details in the relevant ITR forms: Schedule 'Part A Gen_139(8A)' and 'Part B ATI'. The following documents and details need to be submitted:
If the ITR-U is filed within one year from the end of the relevant assessment year, the taxpayer has to pay 25% of the tax due along with interest as additional tax. Further, if the return is filed after one year, he/she has to pay 50% of the tax due along with interest as additional tax.
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