Skip to main content

Missed a Chance to File Belated ITR, Next Option is ITR-U

ITR-U Form After Missing Belated ITR

December 31 was the deadline to file your belated tax return. ITRs for the financial year (FY) 2021-22 were required to be filed by July 31, 2022, for most professionals, small businesses, and individuals who earned income from salaries.

For individuals who couldn't submit their Income Tax Return (ITR) by July 31, 2022 (other than those who were subject to tax audit), there was the option of submitting the return by December 31, 2022 by paying a late fee of up to Rs 5,000. The fine would double, to Rs 10,000, if not filed by the end of 2022.

Simple to Understand Belated Income Tax Return

Defining a belated return as one that was filed after its due date. In terms of Section 139 (4) of the Act, a belated income return can be filed up to three months before the end of the relevant academic year, or before assessment has been completed, whichever is sooner. The deadline for filing a belated tax return was December 31, three months before the end of the fiscal year.

There are, however, some circumstances in which you may not be able to file ITRs voluntarily after December 31 of the AY. Following that, you will have to request permission from the IT department or be told what to do as soon as your income and tax details are picked up for scrutiny by the IT department.

Additionally, you can file an updated ITR if you missed the deadline for filing a belated return, as announced in Budget 2022.

What is ITR-U (Updated Income Tax Return)?

In the course of a particular financial year, an individual can file an updated income tax return (ITR-U) form, regardless of whether they have filed an original, belated, or revised income tax return. You cannot use ITR-U to claim a refund of income tax, make a loss claim, or show a loss.

Until the end of the relevant assessment year, an updated income tax return cannot be filed. According to a tax expert, if you do not file your belated ITR now, you will be able to file your updated ITR from April 1, 2023.

Moreover, if ITR-U is filed for FY21-22 (AY 2022-23) within the first relevant assessment year, the taxpayer will be liable to pay 25 per cent additional tax on the tax due. It is expected that users will begin on April 1, 2023, and end on March 31, 2024. It should be noted, however, that if the application was filed between April 1, 2024, and March 31, 2025, then 50 per cent of the due tax will have to be paid as additional tax.

Individuals who have not filed an ITR earlier and who have no pending income tax obligations may file an updated return. A penalty will be assessed under Section 234F for a late ITR filing.

Those without pending income tax dues and who have not filed an ITR earlier can also file an updated return. Nevertheless that persons who are late filing their returns will be required to pay a penalty under Section 234F.

Comments

Popular posts from this blog

A Full Guide to GST E-Way Bill 2 for Faster Compliance

  Have you encountered any challenges while trying to create a GST E-way bill using the government portal? If yes, SAG Infotech is here to provide some important solutions for you. NIC has launched the GST E-Way Bill 2 Portal. Designed to Offer GST E-way Bill Services with High Availability Using the e-way bill site, taxpayers and logistics operators can log in with their current account and password. Data from the GST E-way Bill2 site will be verified, combined, and available on the main GST E-way Bill portal for all business and analytical objectives. To guarantee that e-invoice generation is unaffected, this portal is integrated with another e-invoice portal for e-way bill generation. Users can freely create and amend E-Way Bills using the GST E-Way Bill2 Portal. The seamless integration and merging of the e-Waybill1 and e-Waybill2 systems will lessen reliance on the e-Waybill1 system in emergencies. E-way bill details are synchronised with the main portal in only a few seconds

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.  This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.  Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.  They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.  This dedication is also evident in the ₹24,460 crore in