Keep the Deadline in Mind: Before March 31, 2025, submit your FY 2022–2023 ITR-U

Don’t Miss the Deadline: File Your ITR-U for FY 2022-2023 by March 31, 2025

Through the ITR-U (Updated Return) tool, the Income Tax Department gives taxpayers the chance to amend or modify their income tax returns (ITRs). The deadline for filing ITR-U is March 31, 2025, therefore you must move fast if you missed filing your return or need to correct any mistakes for Assessment Year (A.Y.) 2022–2023.

ITR-U: What is it?

The Income Tax Act of 1961's Section 139(8A) established ITR-U, which enables taxpayers to amend their ITRs within 24 months of the conclusion of the applicable assessment year. Accordingly, the due date for submitting an amended return for A.Y. 2022–2023 (F.Y. 2021–2022) is March 31, 2025.

Those who missed filing their initial return might profit from this option.

• Reported inaccurate deductions or income.
• Declared an inaccurate tax obligation.
• Wish to correct other mistakes.

ITR-U Can Be Filed by Whom?

The taxpayers listed below are qualified to submit an ITR-U:

• People
• HUFs, or Hindu Undivided Families
• Businesses
• Businesses LLPs
• Any additional taxable organization

However, in some circumstances, such as when the Income Tax Department has carried out a search or seizure, ITR-U cannot be submitted.

• If a survey has been conducted in accordance with Section 133A.
• If the amended return results in a higher refund or a lower tax obligation.
• If the amended return is submitted more than 24 months after the conclusion of the applicable assessment year.

Penalties and Extra Taxes for ITR-U Filing

There are extra expenses associated with filing an Updated Return (ITR-U). The tax agency levies a penalty according to the filing date:

• 25% more tax and interest will be due if the application is submitted within a year of the conclusion of the applicable assessment year.
• 50% more tax and interest will be due if the filing is made within 24 months but after 12 months.

You must pay 50% of the increased tax liability for A.Y. 2022–2023 together with your amended return since you are filing after March 31, 2024.

How Do I File an ITR-U?

To submit your updated ITR (ITR-U) online, follow these steps:

1. Go to https://www.incometax.gov.in to access the Income Tax e-Filing Portal.
2. Enter your password and PAN to log in.
3. Select "e-File" → "Income Tax Return" → "File Income Tax Return."
4. Select ITR-U (Updated Return) after selecting Assessment Year 2022–2023.
5. If relevant, include information about your initial ITR along with the justifications for the return update.
6. Determine your tax obligation, interest, and extra tax in accordance with Section 140B.
7. Pay the taxes and penalties that are due.
8. Use Digital Signature Certificate (DSC), Net Banking, or Aadhaar OTP to e-verify the return after submitting it.
9. For your records, download the Acknowledgment (ITR-V).

Reasons for Filing ITR-U by March 31, 2025

• Steer clear of harsher penalties: You will not be able to submit an ITR-U after March 31, 2025, and you might be subject to harsh penalties.
• Remain Compliant: The tax agency may investigate noncompliance with tax laws.
• Avoid Legal Repercussions: Failure to disclose income may result in legal action from the Income Tax Department.
• Keep your tax record clean: Update your ITR to prevent inconsistencies in subsequent financial transactions.

One Last Reminder!

The deadline for updating your A.Y. 2022–2023 income tax return is March 31, 2025. To ensure compliance with tax rules and avoid fines, file your ITR-U now rather than waiting until the last minute.

Do you need help? MyITRonline can assist you! With professional assistance, file your amended return with ease.

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