The deadline to file income–tax return (ITR) for FY2021-22 (AY2022-23) has passed, but you can still file tax return in some cases. For instance, if you have already filed a return, but found discovered any mistake or missed reporting any income, you can file a revised return. If you have not yet filed an income tax return for FY2021-22, you can file a belated return. If you want to update your older return, you can do that too. But there are penalties and limitations associated with it, so let’s read more.
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The I-T laws require all assesses to file their ITRs on or before the due date. But what if a taxpayer is not able to file it within the due date? Can they file it after the due date and are there any consequences to it? What if the taxpayer files the ITR before the deadline but there is an unintended mistake in the ITR furnished? Can such an ITR be revised? All such small but important questions can be addressed by the concepts of belated return, revised return, updated return and defective return.
Belated return
An ITR which is filed after the due date of return is known as a belated return. Belated return is filed by the assessees who miss the original deadline but can still file their tax return. Belated return can be filed till 31 December of the relevant AY u/s 139(4) of IT Act subject to completion of assessment.
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Revised return
If a taxpayer has filed an original or belated ITR but later discovers an omission or wrong statement in it due to a bonafide mistake, they have the option to revise their tax return u/s 139(5) of the IT Act. A revised return is a kind of amendment of previously furnished return in case of any mistake or inadvertence from the side of assessee.
Updated return
The Finance Act, 2022, has introduced a new section 139(8A) as one last option to declare the real income without any concealment or understatement of income or overstatement of expenses/losses, if someone has missed the deadline to file belated or revised return. This facility can be availed even if assessee had furnished an original return.
Defective return
If an ITR has not been duly filed or the return is furnished with some defects, the assessment officer can declare such return as defective return.
