ITR Filing Update: Key Details You Shouldn’t Miss
Budget 2024 arrived with the Income Tax Return (updated), or ITR-U.
ITR-U stands for what?
Those who have already paid their taxes might adjust them by paying additional taxes should they discover errors or items they omitted. This law aims to get people to follow the guidelines without direction, therefore reducing tax disputes.
When should you send in your next tax return?
Should you be owing money, you have two years from the end of the assessment year (AY) to submit a fresh tax return. You have until March 31, 2024, to file for FY 2020–21. For FY 2021–22 you have till March 31, 2025. The due date for FY 2023–2024 is March 31, 2027; you can’t file until after December 31, 2024.
ITR-U can be turned in under circumstances whereby:
There was never any first return sent in.
Income was reported with errors.
The selected inaccurate income heads were unabsorbed depreciation or adjusted carried forward losses.
Section 115JB/115JC’s tax credits were applied incorrectly.
Tax rate computation was done incorrectly.
Events Where ITR-U Is Not Appropriate for Filing ITR-U cannot be used in circumstances whereby:
The result comes out as either “nil,” or a defeat.
It reduces the overall tax liability of the original return.
Either it creates or increases the refund due.
Maintaining ITR filing and adjustments helps you to ensure your tax returns are accurate and current.
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