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Here's your chance to file an Updated ITR!

A new option to file an "Updated" ITR is now available on the Income tax website. Updated ITR filing option is available from FY 2019-20 onwards.


What does this mean and who is this for? Let's dive in!

What's covered?

Why file an updated ITR?

A lot of people had genuine reasons for not filing an ITR - whether through negligence, covid issues or otherwise. The Income tax department has now given these individuals a chance to file an "Updated" ITR.


The term "Updated" ITR is a bit of a misnomer - An updated ITR can be filed even if you have not filed the original ITR.


We see 2 primary uses for filing an updated ITR:

  • If you have already filed an ITR, but realize that you have missed certain income or disclosures - you can file an Updated ITR and include these missing items.

  • If you haven't filed an ITR, this can be your chance to rectify your mistake.


With the increasing share of data between the Income tax department and other agencies like RBI and SEBI, Income tax is now able to track and pre-fill significantly more data in your ITR. This also means that they can point out mismatches more frequently.


If the Income tax department finds a mismatch in your ITR, an updated ITR may be a good way of fixing this.

Note that the due date for filing an updated ITR extends beyond the due date for filing a revised ITR.


Due date for filing updated ITR


An updated ITR can be filed upto 3 years from the end of the financial year. We have tabulated below a few sample due dates for filing an updated ITR.


FY 2019-20 - 31 March 2023

FY 2020-21 - 31 March 2024

FY 2021-22 - 31 March 2025

FY 2022-23 - 31 March 2026

... and so on.


Who can file an updated ITR?


You can file an updated ITR irrespective of whether you have filed an original ITR or not. You can use the updated ITR to correct any mistake you may have made OR to file a fresh ITR if you never filed an ITR in the first place.


However, an updated ITR cannot be filed if:

  1. You are filing a Return of Loss (Can be filed if original ITR was also a return of loss)

  2. The updated ITR reduces your tax liability (from your original ITR) - this means you cannot file an updated ITR if you have mistakenly over estimated income.

  3. The updated ITR results in a refund or increase in refund

  4. A search, seizure or survey has been carried out for the relevant year.

  5. Any other proceedings under the income tax laws is pending or completed for the relevant year.

How to file an updated ITR?


The option to file an updated ITR has been added to the Income Tax website. Filing updated ITR is available for FY 2019-20 and FY 2020-21.



If you need help filing an updated ITR, feel free to contact us. Our team of experts will be happy to help!

 

Need help with filing an ITR for FY 2021-22? Here's what you need to do:


STEP 1 Download our Sources of Income File

Sources of Income_FY 2021-22
.xlsx
Download XLSX • 26KB

STEP 2 Fill up file with your sources of income ​ STEP 3 Send us the file at help@thegalacticadvisors.comSTEP 4 Sit back and relax as our team shares with you a personalized quote for filing your ITR within 24 hours!

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We bring the archaic advisory practice to the 21st Century. Advisors have long been dragged down by their age old practices which just do not hold up in the current business environment.

 

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