• Notification Date: 21-03-2024
• Notification No: N/A

March 31 is the Deadline for Filing Income Tax Returns

If you have missed filing the original Income Tax Returns(ITR), you can still file an updated income tax return before March 31, 2024. Taxpayers can file updated returns for any of the assessment years 2021-22, 2022-23 and 2023-24.

But it is vital to note that the amount of additional tax payable needs to be paid along with the updated return.

For assessment year 2021-22, one has to pay 50 percent of aggregate of tax and interest as additional tax. And for assessment year 2022-23 and 2023-24, the additional tax component is 25 percent of aggregate tax and interest.

Cases where an Updated IT Return can be filed:

A. When taxpayer did not file an original return. 

B. When taxpayer missed the belated return deadline

C. When income was not declared correctly to modify original return.

D. If taxpayer happened to choose the wrong head of income or else, income taxwas paid under the wrong slab.

E.  In case reduction in carried forward loss or unabsorbed depreciation is required.

F. In case reduction of MAT/ AMT credit is required.

G In case taxpayer received tax notice under section 133(6) of the income tax Act for certain information about claim of deductions/ exemptions regarding which suitable explanation/evidence is not made available by the taxpayer.

H. Also, if the taxpayer had claimed wrongful deductions/ exemptions .

The updated return is filed under section 139(8A) of Income Tax Act. 

However, one should note that updated return is not allowed to be filed when the taxpayer has already filed an updated return, or for purposes which include a) to file nil/loss return, b) for claiming / enhancing the refund, c) when updated return results in lower tax liability, d) when search proceedings under section 132 have been initiated against the taxpayer or when survey was conducted under section 133A.

Meanwhile, the deadline to update aadhaar card details for free, which was March 14 earlier, has been recently extended till June 14, 2024.