The deadline to file revenue tax returns (ITRs) for monetary 12 months 2021-22 was July 31, 2022. For many who missed the due date, December 31 was the final date to submit belated returns. It was additionally the deadline for taxpayers to file revised ITRs, after rectifying the errors (if any) made within the authentic returns.
There’s, nevertheless, one other probability for many who are nonetheless to file their ITRs. The ITR-U was launched by the Union authorities in Funds 2022 and is on the market for as much as 2 years from the tip of the related evaluation 12 months (AY).
What’s ITR-U?
With ITR-U, a taxpayer can report any revenue he/she might have did not within the earlier return. This selection can also be accessible to anybody who didn’t submit well timed, belated or revised ITRs. Moreover, if an ITR was not closed in a selected monetary 12 months, this facility can be utilized there as nicely.
The final date for ITR-U for AY 2020-21 is March 31, 2023, and March 31, 2024, for AY 2021-22. For AY 2022-23, it’s March 31, 2025.
Is there a penalty for ITR-U?
When you didn’t report an revenue, a further tax is levied at 25% of the tax and curiosity due on the revenue not reported. The superb needs to be paid inside 12 months from the tip of the related AY.
Alternatively, when an ITR-U is filed after 1 12 months and inside 2 years from the tip of the related AY, the penalty goes as much as 50%.
The place to file ITR-U?
You possibly can submit it on eportal.incometax.gov.in. Additionally, it can’t be utilized in these instances: nil or loss return, claiming or enhancing the refund, and minimising revenue tax legal responsibility from the return closed earlier.