Last date to file ITR (Income Tax Return) under section 139(1) for AY 2020-21, 2021-22 and 2022-23 is gone, however, still one can file Income Tax Return. The Finance Act, of 2022 has introduced a new concept of updated Income Tax Return (ITR-U), which has permitted taxpayers to file their ITRs after two years of due date of the filing, subject to payment of additional taxes.
The ITR-U is available to taxpayers for filing updated returns for FY 2019-20, FY 2020-21 and FY 2021-22 or assessment years (AY) 2020-21, 2021-22 and AY 2022-23 on the Income Tax e-filing Portal. ITR-U is filed in similar manner like normal ITRs.
Additional income-tax means income tax including surcharge and cess. The additional income-tax payable while filing Updated ITR will be:
- If return filed within 12 months – 25% of aggregate of tax and interest payable
- If return filed after 12 month but before 24 months – 50% of aggregate of tax and interest payable
| AY | Late Fee when Total Income is Upto Rs 5 Lakh | Late Fee when Total Income is more than Rs 5 Lakh | Last Date with additional 25% penalty | Last Date with additional 50% penalty |
| AY 2020-21 (FY 2019-20) | Rs 1,000 | Rs 10,000 | 31/03/2022 | 31/03/2023 |
| AY 2021-22 (FY 2020-21) | Rs 1,000 | Rs 5,000 | 31/03/2023 | 31/03/2024 |
| AY 2022-23 (FY 2021-22) | Rs 1,000 | Rs 5,000 | 31/03/2024 | 31/03/2025 |
Who cannot file ITR-U ?
You cannot file updated ITR under this section if-
- Your updated ITR :
- is a return of a loss
- has the effect of decreasing the total tax liability determined, that would not have been if the original return furnished
- will results in refund or increases the refund, that would not have been if the original return would have furnished
- For the last 2AY and current AY, if you are under:
- income tax search as per section 132 or where books of account or documents or assets are requisitioned u/s 132A
- tax survey as per section 133A, (except survey for verifying the compliance of TDS / TCS provisions)
- notice as per section 132 or section 132A in the case of any other person regarding money, bullion, jewellery or valuable article or books of account or documents
- Where you have :
- filed updated ITR for a AY, you cannot file again for the same AY under this sub-section
- proceeding for assessment or reassessment or recomputation or revision of income is pending or completed for that AY
- Before filing ITR under this sub section, AO has communicated the information in respect of you, he has in his possession under :
- the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 or
- the Prohibition of Benami Property Transactions Act, 1988 or
- the Prevention of Money-laundering Act, 2002 or
- the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
- Before filing ITR, information of DTAA agreement u/s 90 or 90A is communicated to you
- Before filing ITR, any prosecution proceedings under the Chapter XXII have been initiated
- any other notified person
