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ITR filing deadline is over. But you can still file revised, belated and updated returns

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Akshata Kamath
Akshata KamathAug 18, 2022 | 17:40

ITR filing deadline is over. But you can still file revised, belated and updated returns

Have you missed adding some incomes or expenses in your return? (Photo: Getty Images)

Even though the deadline to file an income tax return (ITR) ended on July 31, you can still file revised, belated, and updated income tax returns.

If you have filed your ITR before July 31, you can file a revised return to correct any mistakes or change your original return. If you haven't filed the ITR on time, you can file a belated return. And from this year, you can also file an updated return to revise the ITRs of the previous two years. 

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When you file your return before the due date, it is called an original return.

Revised return? Say you hurriedly filed your return before July 31, 2022, and then realised that you missed adding certain incomes and have made a few errors in your return. Say you missed adding your bank interest income and also could have taken a deduction of an amount that you donated to a specific trust, but you forgot about it. In this case, you can revise your income tax return by filing a revised return. There is no limit on the number of times you can file revised returns before the time limit. But just ensure that your return is verified.  

The time limit to file a revised return: If you want to file a revised return for the income that you earned between April 1, 2021, to March 31, 2022, you can do so before December 31, 2022. This is because one can file a revised return for the previous year 2021-2022, 3 months before the end of the relevant assessment year ie 3 months before March 31, 2023. 

Is this costly? Though there is no penalty in revising a return, interest costs can be levied under sections 234B and 234C and will be recalculated based on the date of filing. 

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Belated return: So say you could not file your income tax return before the due date because you did not get the time to do so. Now when you file your first return after the due date, this return is called a belated return.

The time limit to file a belated return: You can file your belated return before December 31, 2022, if you have earned income between April 1, 2021, and March 31, 2022. This is because one can file a belated return for the previous year 2021-2022, 3 months before the end of the relevant assessment year ie 3 months before March 31, 2023.

Is this costly? Yes, this is costlier since now you need to pay a penalty. 

  • Late filing fee of Rs 5,000: Section 234F will require you to pay a late filing fee of Rs 5,000 when you file your return after the due date. But if your total income is less than Rs 5 lakh, then your late filing fees will be Rs 1,000. Also, if you are not mandatorily required to file an income tax return, and you still file a return after the due date, you don't have to pay a penalty. 
  • Interest at 1% per month: You will also have to pay interest at the rate of 1% from the end of due date till the time you actually file your return.
  • Additional disadvantages: Neither can you claim any deductions to your income under Chapter VIA nor can you carry forward any losses that come from capital expenditures or financial losses. 
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Updated return: If you remember, you could only revise your last income tax return within 1 year of the due date. But in May 2022, the government came up with a new law whereby it now allowed taxpayers to file an updated return, with which taxpayers can revise the ITRs of the past two years.

Since we are currently talking about filing returns for FY 2021-2022, one can file an updated return for two previous financial years: FY 20-21 and FY 19-20 under ITR Form U. You can file this irrespective of whether you have filed an original, belated, or revised return, provided you comply with certain conditions.

But here's the catch:

  • You can't opt for this option if you want to lower your income in the return or want to set off some losses against any past gains. This return is only to increase your income and taxes. 
  • You have to mention your reason for opting for this updated return.
  • Since you can file an updated return for the past two years, here's the kind of expenses you will have to bear:
  1. Updated return for FY 20-21: Tax on the income, interest on the late payment of tax, a late fee under Sec 234F, and an additional amount of 25% on the tax and interest amount.  
  2. Updated return for FY 19-20: Tax on the income, interest on the late payment of tax, a late fee under Sec 234F, and an additional amount of 50% of such tax and interest.
Last updated: August 18, 2022 | 17:59
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