Missed the Belated ITR Filing Deadline for 31 December? 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.

Please note that the Income Tax Department has made available ITR-U Utility for FY FY 22-23/AY 23-24

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.

ITR-U Due Dates given below for your kind reference:

When can you not file ITR-U

(a)  is a return of a loss; or

(b) has the effect of decreasing the total tax liability determined on the basis of return furnished up to 31st December 2023;

(c)  results in refund or increases the refund due on the basis of return furnished up to 31st December 2023;

(d) A search, survey, or seizure has been initiated against the taxpayer;

(e) Documents, books, or assets are seized/called by the Income Tax authorities u/s 132A.

(f) Assessment/ revision/reassessment/re-computation is pending or completed.

(g) There is no additional tax outgo, meaning the tax liability has been adjusted with TDS losses/ credit and there is no additional liability.

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.

How many times can I file ITR U?

Please note that the e-filing portal will not allow filing of ITR-U more than once.

Can Taxpayer file ITR-U if the total income is below Rupees 5 lakhs and rebate has been claimed under Section 87A?

Yes in this case you can file the updated return but you will be liable for late filing fees

Steps for Filing ITR-U

• Taxpayer is required to take registration on Income Tax Portal.
• Download ITR-U Excel Utility, fill it and generate JSON.
• Upload the JSON File and complete the E-Verification.