If you in some way stopped working to submit your tax return (ITR) for any one of the previous 2 years, you can still submit an upgraded tax return.
These 2 years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023-24) for which taxpayers can still submit their upgraded return prior to March 31, 2025, exposes the division’s website
Notably, the last day to submit upgraded tax return (ITR-U) for 2021-22 is March 31, 2025.
The upgraded income tax return can be submitted by anyone within 24 months from completion of the pertinent analysis year whether an initial, modified or belated return has actually been equipped under area 139 for such analysis year. It can be submitted in complying with situations:
If the return was formerly not submitted or if the return was submitted however among the complying with situations occurred:
a) Taxpayer did not report revenue appropriately
b) While submitting the return, incorrect heads of revenue was selected
c) Rate of tax obligation was not remedy in previous ITR
It can likewise be submitted in these situations
a) To lower continued loss
b) To lower unabsorbed devaluation
c) To lower tax obligation credit rating under area 115JB/ 115JC
However, one can not submit if there is a zero return or a return of loss.
1) Nil return or a return of a loss
2) Has the impact of lowering the complete tax obligation responsibility established based upon return equipped for the pertinent AY
3) It would certainly lead to additional reimbursement of tax obligation based upon return equipped for the pertinent AY
4) Also, taxpayers can not submit an upgraded return in situation of search and seizure or in situation where any type of prosecution procedures have actually been launched.
Frequently Asked Questions
Can you submit an upgraded ITR under the brand-new tax obligation program or can you alter the program?
A taxpayer needs to select the tax obligation program within the due day suggested according to area 139( 1) of theIncome Tax Act Once selected within the due day, the taxpayer can not alter the program after the due day.
How lot of times can one documents upgraded ITR for the exact same fiscal year?
The e-filing website will certainly not permit you to submit ITR under area 139( 38A) greater than one-time.
Can you submit ITR-U if you do not have any type of tax obligation payable?
No, if your complete tax obligation is changed with TDS credit rating and you do not have any type of extra tax obligation responsibility, you can not submit an upgraded ITR.
Can you submit ITR-U if your complete revenue is listed below 5 lakh and have declared refund under area 87A?
Yes, you can submit the upgraded return however you will certainly be responsible for the late declaring charges. The exact same should be paid, and the repayment information should be upgraded under the “Taxes paid under 140B” tab.
