The deadline to file income tax returns (ITRs) for financial year 2021-22 was July 31, 2022. For those who missed the due date, December 31 was the last date to submit belated returns. It was also the deadline for taxpayers to file revised ITRs, after rectifying the errors (if any) made in the original returns.
Representative Image
{{^htLoading}} {{/htLoading}}
There is, however, another chance for those who are still to file their ITRs. The ITR-U was introduced by the Union government in Budget 2022 and is available for up to 2 years from the end of the relevant assessment year (AY).
What is ITR-U?
With ITR-U, a taxpayer can report any income he/she may have failed to in the previous return. This option is also available to anyone who did not submit timely, belated or revised ITRs. Additionally, if an ITR was not closed in a particular financial year, this facility can be used there as well.
The last 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 is March 31, 2025.
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
Is there a penalty for ITR-U?
{{/usCountry}}
{{#usCountry}}
Is there a penalty for ITR-U?
{{/usCountry}}
If you did not report an income, an additional tax is levied at 25% of the tax and interest due on the income not reported. The fine has to be paid within 12 months from the end of the relevant AY.
On the other hand, when an ITR-U is filed after 1 year and within 2 years from the end of the relevant AY, the penalty goes up to 50%.
Where to file ITR-U?
You can submit it on eportal.incometax.gov.in. Also, it cannot be used in these cases: nil or loss return, claiming or enhancing the refund, and minimising income tax liability from the return closed earlier.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
