Last Chance: Correct Old ITR’s by 31st March

The Income Tax Department has urged the Taxpayers to file ITR-U for AY 2021-2022. The Department said that it is the last chance to correct any mistakes or descripances in old/ previous ITRs. The Last date to correct old ITR’s is 31st March 2024.

The Income Tax Department is proactively communicating with taxpayers about the irregularities. Through these communications, taxpayers are encouraged to review their AIS using the e-filing portal and file updated ITRs (ITR-U) when needed as a part of the e-Verification Scheme 2021.

Furthermore, the department has indicated that eligible non-filers can submit updated returns u/s 139(8A) of the Income-tax Act, 1961.

The Tax Department on his official Twitter account 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!

The Income Tax Department collects data on taxpayers’ specific financial transactions from several sources. This information is then put into the AIS module, with the goal of increasing transparency and encouraging voluntary tax compliance. Taxpayers can review this information.

In several ITRs filed for Assessment Year (A.Y.) 2021-22 (Financial Year 2020-21), a mismatch has been discovered between the information provided in the ITR and the Department’s data on specific financial transactions.

Similarly, if ITRs for the Financial Year 2021-22 have not been submitted and the Department has information on certain high-value financial transactions, more scrutiny is required.