Income Tax Updated Return Deadline Nears, File Before March 31
Taxpayers who need to rectify errors or omissions in their income tax returns for the current assessment year have a critical deadline approaching. The Income Tax Department has set March 31st as the final date to file updated returns. This provision allows individuals to correct any discrepancies and ensure compliance with tax regulations.
What is an Updated Return?
An updated return, under Section 139(8A) of the Income Tax Act, provides taxpayers with an opportunity to revise their originally filed returns.
This facility is particularly beneficial for those who may have:
- Missed declaring certain income.
- Made errors in claiming deductions.
- Discovered other inaccuracies in their initial filings.
Key Deadline: March 31st, THIS Year
It is crucial to note that the deadline of March 31st pertains to returns related to the current assessment year. This gives taxpayers one last chance to correct any mistakes. Missing this deadline could result in potential penalties and scrutiny from the Income Tax Department.
How to File an Updated Return:
Taxpayers can file the updated return online through the official Income Tax e-filing portal. The process involves:
- Logging into the Income Tax e-filing portal.
- Selecting the relevant assessment year.
- Choosing the option to file an updated return.
- Correcting the necessary details and uploading the required documents.
- Verifying and submitting the return.
Due Date: Last date for filing an updated income tax return for financial year 2021-22 is March 31, 2025
When can an updated return not be filed?
There are a number of scenarios when an updated income tax return can not be filed. These include:
- when total income leads to smaller tax liability
- When it is leading to tax refund or a higher refund
- When a survey has been conducted, or search is already initiated against the assessee
- When tax department has seized or requisitioned documents.
- Source: Click Here
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