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NOW File Your MISSED Taxes OF FY 19-20 & FY 20-21

Good news for taxpayers regarding the filing of old income tax returns! This will allow you to file income tax returns that are two years old

Updated Income Tax Returns: The Income Tax Department has allowed taxpayers to file updated returns for the financial years 2019-20 and 2020-21.

If you are falling into a tax trap, it is better to file income tax returns on time. This saves you from many problems. If you have not filed returns for financial years 2019-20 and 2020-21 for any reason, there is good news for you. Such taxpayers can file their returns. Income Tax Department (CBDT) has notified the updated return i.e. ITR-U. Finance Minister Nirmala Sitharaman while approving the budget announced the updated returns keeping in mind the hardship to the taxpayers.

What happens in an updated return (ITR-U)?

Finance Minister Nirmala Sitharaman announced the updated returns under Section 139(8A) of the Income Tax Act in the Finance Act, 2022. Under this, an updated return (ITR-U) can be filed by the taxpayer for any financial year.

It has been implemented from the financial year 2019-20. A taxpayer can also file ITR-U if original, belated or amended returns are not filed.

The reason for the updated return should also be given. If the taxpayer wants to file an updated return, he has to give reasons. Here are eight types of reasons. These reasons include the non-filing of returns and non-declaration of income. Apart from this, the taxpayer has to choose the appropriate form for himself from among the various income tax return forms.

An additional tax of up to 50% will be payable. The penalty has to be deposited after filing the updated return. If the ITR-U is filed within 12 months from the end of the assessment year, an additional tax of 25% will be levied. An additional tax of 50% will be levied if an updated return is filed after 12 months and within 24 months. This return cannot be filed unless you have some additional tax liability.

Regards

Santosh Patil

Founder

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Alliance Tax Experts Pvt Ltd

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