Income Tax Return Extended: File Last 3 Years Updated ITR

As we know, If you fail to file your Income Tax Return during the extended period, you can still file your Last 3 Years' Updated Income Tax Returns. The provision of updated returns is effective from 01-04-2022, and the provided time limit for filing updated returns is 24 months from the end of the relevant assessment year. Taxpayers can now file updated income tax returns for AY 2023-24, AY 2024-25, and regular ITR for AY 2025-26. If you have any queries regarding Updated Income Tax Return (ITR) feel free to contact us. We will be happy to help you.

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An updated return shall be filed in the relevant ITR Form as applicable to the Assesee. The taxpayer will be required to fill the Schedule 'Part A Gen_139(8A)' and Schedule 'Part B ATI' of the relevant form to file an updated return.

What is an updated return?

An updated return is a type of tax return that allows taxpayers to file their returns with more time. Section 139(8A) of the Income Tax Act, 1961, introduced by the Finance Act of 2022, provides taxpayers with the option to file an Updated Income Tax Return (ITR-U). This allows individuals to correct errors and omissions or even file a return if they missed the original deadline. An updated return can be filed by anyone, except in certain circumstances, regardless of whether they have previously filed an original, belated, or revised return for the relevant assessment year. The filing of an updated return is optional for the taxpayer.

Eligibility

Any person can file an updated return under Section 139(8A), regardless of whether they have previously filed a return under sections 139(1), 139(4), or 139(5) for the relevant assessment year.

Restrictions:

An updated return cannot be filed if it results in a loss, decreases the total tax liability, or increases the refund due. Additionally, certain conditions such as ongoing assessments, searches, or surveys may render a taxpayer ineligible to file an updated return.

Filing Process:

To file an updated return, taxpayers can use the ITR-U form available on the Income Tax Department's e-filing portal. The process involves providing general information, computing total updated income, and tax payable, followed by verification

Late Filing Fees:

To file an updated return, taxpayers have to pay late filing fees as applicable by income tax rules.

Disclaimer: The contents of this page are for informational purposes only. We aim to provide quick and easy access to information and do not claim to be legal documents. There may be variations due to government updates. Please note that we are not responsible for any incorrect information. For detailed guidance on filing an updated return under Section 139(8A), the viewers are advised to verify the content from Government Acts, Rules, Notifications, etc.