Tag Archives: Updated ITR

ITR U filing last date: December 31 is the last date for filing returns for these taxpayers

Income Tax Return: We are just a few days away from the new year. Before the new year starts, make sure that all your income tax work is done.

Only a few days are left for the new year to begin. Before the new year starts, make sure that all the work related to income tax is settled. 31 December 2022 The last date for filing revised income tax return for the financial year 2021-22 is 31 December 2022. As per the Income Tax Act, if a person misses the last date for filing the original income tax return, he can file ITR till December 31.

If you missed there is still chance
So if a person has not filed return on or before 31st July 2022 then he has a chance to file ITR before 31st December 2022.

Similarly, if you have made a mistake while filing your original income tax return, the taxpayer can rectify the mistake by filing a revised income tax return. The last date for submission of revised ITR for the financial year 2021-22 remains 31 December 2022.

If you miss to file ITR then you can file ITR under section 139(4) of Income Tax Act 1961. However, the process of submitting it is the same as filing a normal ITR. Taxpayers should be aware of two things while filing this document. First, opt for section 139(4) on your tax return and pay penalty, penalty interest, and the appropriate amount of unpaid tax.

These taxpayers will be fined
Under Section 234F of the Income Tax Act, a penalty of Rs 5,000 is imposed on the taxpayer for delay in filing ITR. However, small taxpayers whose taxable income does not exceed Rs 5 lakh will have to pay a penalty of Rs 1,000 only. Late ITR filing fee should be paid before starting ITR filing.

Let us tell you that according to the Central Board of Direct Taxes, taxpayers who have not provided details in ITR, having income through online gaming, lottery or gaming, will have to file an updated ITR and provide details therein. Under the Income Tax rules, taxpayers who fill wrong or partial information in their ITR are also required to file an updated ITR.