Due Date for filing Updated ITR for AY 2021-2022 Soon

The Income Tax Department has reminded the taxpayer that the due date for filing an Updated ITR for AY 2021-2022 is approaching soon.

The Updated return can be filed only if the taxpayer has not previously filed an income tax return or if the originally filed return has mistakes or omissions. The Updated return can only be filed if the person has to reveal any extra income that was overlooked previously and must pay more taxes.

On his official Twitter account, Income Tax Department tweeted:

“Kind Attention Taxpayers!

Last date for filing your Updated Income Tax Return for Assessment Year 2021-2022 is 31st March, 2024.

Don’t delay, file today!”

Beware of Timelines

File an Updated Income Tax Return (ITR-U) for AY 2021-22 by 31st March 2024.

When to file updated ITR?

• Taxpayers who have not filed original and/or revised return.
• Taxpayers who desire to modify the original return when income is not declared correctly, including-
  • Incorrect head of income is selected or tax is paid at the wrong rate.
  • Reduction in carried forward loss or unabsorbed depreciation is required.
  • Reduction of MAT/AMT credit is required.

For more information please refer to Section 139 (BA) & 140 B(3) of Income tax Act, 1961.