Last Chance to file Updated ITR for AY 2021-22: Be Ready to pay 200% of Tax Evaded if missed
Last Chance to file Updated ITR for AY 2021-22: As, we know 31st March 2024 is the last chance to file an Updated Income Tax Return (ITR-U) for the Assessment Year or AY 2021-22 (FY 2020-21). Please ensure that the same is done if required in your case. In this article we shall discuss all about Updated Income Tax return or ITR-U.
Also Refer: Important tasks to be completed before 31st March
Due Date for Filing ITR-U
ITR-U can be filed at any time within 24 months from the end of the relevant assessment year. ITR-U Due Dates are given below for reference:
What will happen if you don’t file ITR-U?
As per Section 270A, Penalty for under-reporting and misreporting of income can vary from 50% to 200%. If you do not fix errors in your ITR or do not file ITR and pay the required Tax, the IT Department may levy a maximum penalty of up to 200%.
Refer: Income Tax Department urges Taxpayers to File ITR-U by 31st March 2024
How Much Tax is required to be paid in ITR-U?
No Penalty is charged when you are reporting Income in ITR-U. However Additional Tax is charged in this case. The Additional charges are as follows:
Please note that ITR-U can be filed only once, so when you are filling return this time, be very careful.
Steps for Filing ITR-U
- Taxpayer is required to take registration on Income Tax Portal.
- Download ITR-U Excel Utility, fill it and generate JSON.
- Upload the JSON File and complete the E-Verification.
Can Taxpayer file ITR-U if the total income is below Rupees 5 lakhs and rebate has been claimed under Section 87A?
Yes in this case you can file the updated return but you will be liable for late filing fees.
When can you not file ITR-U
(a) is a return of a loss; or
(b) has the effect of decreasing the total tax liability determined on the basis of return furnished up to 31st December 2023;
(c) results in refund or increases the refund due on the basis of return furnished up to 31st December 2023;
(d) A search, survey, or seizure has been initiated against the taxpayer;
(e) Documents, books, or assets are seized/called by the Income Tax authorities u/s 132A.
(f) Assessment/ revision/reassessment/re-computation is pending or completed.
(g) There is no additional tax outgo, meaning the tax liability has been adjusted with TDS losses/ credit and there is no additional liability.
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