• Notification Date: 03-01-2024
• Notification No: N/A

Income Tax Portal Update: CBDT enables e-Filing of Updated ITR for AY 2023-24

The Income Tax Portal, updated by the Central Board of Direct Taxes (CBDT), now facilitates the electronic filing of revised Income Tax Returns (ITRs) for the Assessment Year (AY) 2023-24 or Financial Year (FY) 2022-23.  

Taxpayers are empowered to submit updated ITRs under Section 139(8A) for the ongoing assessment year. Section 139(5) of the Income Tax Act, 1961, grants individuals the opportunity to amend returns previously filed under Section 139(1) or Section 139(4) of the Income Tax Act. This provision allows for the inclusion of omitted entries or correction of errors in the initially filed return. 

It is important to note that certain restrictions apply to updated return filing. Assessees cannot revise returns that result in a loss, lead to an increased refund compared to the initially filed return, or reduce tax liability. The process of filing updated returns not only helps taxpayers rectify mistakes but also serves as a way of showcasing voluntary compliance with tax regulations and avoid potential legal issues related to tax evasion.  

However, it is crucial for taxpayers to be aware that filing an updated return may result in additional income tax liabilities, by way of disclosing undisclosed income that was not reflected in the previously filed return. Despite this potential burden, the advantages include preventing litigation related to tax evasion and encouraging voluntary adherence to tax obligations. Stay informed and compliant with the latest updates on the Income Tax Portal for a smooth and accurate filing experience.