ITR Filing Window Reopens: How to Correct Your Income Tax E Filing for 2021-22 and 2022-23
There is some good news for the taxpayers who made errors in their previous returns, on behalf of the Income Tax Department. The filing window of the ITR updated returns has opened in respect of the assessment years 2021-22 and 2022-23. This entails that you can now correct mistakes, enter income that was overlooked, or even completely new returns in case you had forgotten to file one before.
Income tax e filing causes several problems for the taxpayers since they either file an incorrect amount of income, wrong selection of the tax bracket, or even miss the deadline altogether. The revised return system, called ITR-U, provides you with a second opportunity to put things in the right manner.
What Makes ITR Filing Through ITR-U Different?
The introduction of the ITR-U form came into effect in 2022, which aids the taxpayers who require correction of their e filing income tax. This new mechanism operates on Section 139(8A) of the Income Tax Act. The great thing here is that you got 48 months after the closing of the assessment year to fill out your updated one, as compared to the old limit of 24 months.
ITR filing by ITR-U can be used in cases when: you had not filed the first time, or your reported income was inaccurate, you had chosen the incorrect category of income, or you need to pay some extra taxes as you had failed to report part of your income. This is made easy through the income tax e filing portal at incometax.gov.in/iec/foportal/.
Nonetheless, it has some limitations. You are not allowed to file an updated ITR filing whereby your corrections would lessen your overall tax calculations, or when you wish to demand a reimbursement. Further, ITR-U cannot be filed if you have an ongoing legal case(s) such as search, prosecution, and seizure.
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Important Details About Updated Income Tax E Filing
Whenever updating the ITR filing, you have to incur additional expenses in addition to the standard tax. The amount of the penalty would depend on how early you file; the penalty is 25 percent additional when you file within 12 months of the original deadline, 50 percent between 12 and 24 months, and 60 percent between 24 to 36, and 36 to 48 months after the deadline.
It is important to note that you are not allowed to alter your selection with regard to your tax regime, ancient or the new tax regime, when you e file your income tax with ITR-U. Such a decision should be made within the initial time limit and should not be altered at a later stage.
In the case of assessment year 2025-26 (financial year 2024-25), you have up till March 31, 2030, to submit your revised return. This extra period will offer enough time to the taxpayers to rectify their ITR mistakes.
The revised ITR filing framework is especially beneficial to those cases where someone had under-reported income, incorrectly computed their taxes or neglected to claim the right deductions in the initial income tax e filing. To make your new refreshed return today visit the official e-filing portal.
