ITR-U Deadline: Taxpayers should pay attention! Do this work by 31st March, otherwise 200% payment will have to be made.

Updated ITR Last Date: The present monetary 12 months ends on 31 March. After that, the brand new monetary 12 months 2024-25 will begin from April 1, 2024…

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This monetary 12 months goes to finish in just a few days, together with which many deadlines are additionally coming to an finish. This time of the monetary 12 months turns into vital from the revenue tax viewpoint. One of the deadlines which is ending with the monetary 12 months on 31st March is the deadline for submitting ITR-U i.e. up to date revenue tax return.

What is up to date revenue tax return?

The Income Tax Department provides taxpayers a chance to appropriate their errors. For this objective, provision of ITR-U has been made. If you have given any incorrect data within the outdated revenue tax return or have forgotten to present any revenue, then you possibly can appropriate it by submitting an up to date return. Even for those who have not filed a return earlier, you possibly can nonetheless file a brand new return via up to date return.

ITR-U is offered for two years

The final date for submitting up to date returns is 31 March. Using the up to date return, taxpayers can revise the return up to 2 years from the related evaluation 12 months. That is, the deadline ending on March 31, 2024, is to file up to date revenue tax return for the monetary 12 months 2020-21 or evaluation 12 months 2021-22.

Fine might be up to 200%

The facility to file up to date revenue tax returns has began from 1 April 2022. This is a superb alternative for these taxpayers who have missed any data within the outdated ITR or who have not been ready to file the return even after being required to file it as per the revenue tax guidelines. The penalties of lacking this final probability can be very heavy, as a result of if caught by the Income Tax Department, a penalty of up to 200 % of the payable tax will be imposed.

I have to pay a lot extra

Taxpayers additionally have to pay handsomely for submitting up to date returns. Additional tax equal to 25 per cent of the tax legal responsibility and curiosity has to be paid by submitting up to date returns inside 12 months of the top of the related evaluation 12 months. Whereas if up to date return is filed after 12 months and earlier than 2 years, 50 % extra tax has to be paid. Taxpayers submitting up to date returns for FY 2020-21 or Assessment Year 2021-22 can rectify the error or file a brand new ITR after paying 50% further tax by March 31, 2024.

NPS Rules: This rule will change for NPS folks from April 1, PFRDA made these 5 massive modifications earlier additionally

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