ITR Utilities for Filing ITR-U for AY 2023-24 released by Income Tax Department

The Income Tax Department has released Excel Utilities for Filing Income Tax Returns (ITR) i.e., ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 for ITR-U filed u/s 139 (8A) of the Income Tax Act for Assessment Year 2023-24/Financial Year 2022-23.

[Good News] ITR-1 and ITR-4 Form for FY 2023-24 notified [Read Notification]

The schema change made on 1 January 2024 is as follows:

Missed the Belated ITR Filing Deadline? You can still file the ITR

The Due Date for Filing Belated Income Tax Returns or revising ITR for Financial Year 22-2023 was 31st December 2023. From 1st January 2024, Belated ITR can be filed or revised in the form of ITR-U, where the Taxpayer cannot reduce Income, show Tax Refund, Increase Losses or Show Losses.

Due Date for Filing ITR-U

ITR-U can be filed at any time within twenty-four months from the end of the relevant assessment year. This means ITR-U for FY 22-23/AY 23-24 can be filed up to 31st March 2026.

Tax, Interest, Penalty, Late Fees: ITR-U

• No penalty or fee is levied upon a person who wishes to furnish an updated return. However, he is required to pay an additional tax in accordance with Section 140B.
• The additional tax shall be equal to 25% of the aggregate of tax and interest payable by a person on the filing of the updated return, where such return is furnished after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year.
• Where the updated return is furnished after the expiry of 12 months from the end of the relevant assessment year but before completion of the period of 24 months from the end of the relevant assessment year, the additional tax payable shall be 50% of the aggregate of tax and interest payable.
• Further, a fee under Section 234F shall be charged if such person didn’t furnish a return of income for that Assessment Year for which he is furnishing an updated return.