• Notification Date: 02-04-2024
• Notification No: N/A

March 31 was Deadline for filing Updated Income-Tax Return (ITR-U) for AY 2021–22

The deadline for filing updated Income Tax Returns (ITR-U) for the Assessment Year 2021–22 (financial year 2020–21) was March 31. By declaring any extra income or fixing any errors in your previous, amended, or original return, you can update your income tax return using the Updated Income Tax Return or ITR-U form. 

Taxpayers who failed to file their returns on time can correct the omission using ITR-U. Errors in the previously filed ITR, such as under- or misreporting of income, can be corrected using ITR-U. A person who was required by tax law to file an ITR but failed to do so by the deadline may also file an ITR-U. 

A tax payment is required at the time of submitting ITR-U. It cannot be filed to take the tax refund. The taxpayer is not permitted to file ITR-U if by submitting it one’s tax liability lowers. 

An updated IT return can be submitted anytime within 24 months of the completion of the applicable assessment year. For the financial year 2023–24, the revised return for AY 2021–22 and AY 2022–23 may be filed. Therefore, the deadline for filing an updated Income Tax Retrun for the Financial Year 2020–21 (AY 2021-22) is March 31, 2024. The ITR return of FY 2022-23 can be updated till March 31, 2025 

The following are the criteria for people who are not eligible to furnish an updated return.

A person will not be allowed to submit ITR-U where: 

1. A search has been initiated under section 132 or books of account or other documents or any assets are requisitioned in the case of such person; or 

2. A survey has been conducted under section 133A 

3. A notice has been issued to the effect that any money, bullion, jewellery or valuable article or thing, seized 

No updated return can be furnished by any person for the relevant assessment year, where: 

1. Any proceeding for assessment or reassessment or re-computation or revision of income under this Act is pending 

2. Provided also that if any person has sustained a loss in any previous year and has furnished a return of loss in the prescribed form within the time allowed.