The Income Tax Department has issued a reminder to taxpayers about the imminent deadline for filing the Updated Income Tax Return (ITR) for the Assessment Year 2021-2022. This revised return is applicable in cases where the taxpayer has not previously submitted an income tax return or if the initially filed return contains errors or omissions.
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The Updated return is specifically for disclosing any additional income that may have been previously overlooked, necessitating the payment of additional taxes.
LAST DATE FOR FILING UPDATED INCOME TAX RETURN:
You can file an Updated Income Tax Return (ITR-U) for AY 2021-22 by 31st March 2024.
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HERE IS HOW TO FILE REVISED INCOME TAX RETURN:
- Visit the Income Tax website, and now log into the Income Tax e-filing portal by entering your user ID (PAN) and Captcha code.
- After logging in, you can proceed to click on the e-filing menu and then select the ‘Income Tax Return’ link.
- On the next page, your PAN will be auto-populated. Then select the assessment year, ITR form number, and Filing type (original or revised return) and select the submission mode as ‘Prepare and submit online’.
- In the online ITR form under the ‘General Information’ tab, choose the ‘return filing section’ as ‘revised return’ under Section 139(5) and the ‘return filing’ type as ‘revised’. Read More: Budget 2024: Hike Tax On Tobacco Products, Urges Doctors & Public Health Groups
- Now enter the acknowledgment Number and Date of filing of the original return. (It is compulsory to enter the 15-digit acknowledgment number when filing a revised ITR).
- Then fill in or correct relevant details of the online ITR form and then submit the ITR.
- Finally, e-verify the returns for faster processing and a quicker refund.
