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Are you one of those taxpayers who missed the income tax filing deadline this year? Don't worry; you're not alone. The good news is that you can still rectify your mistake or if you miss out something on your original returns by filing a belated return. So, if you're wondering how to go about it or if any additional tax liabilities are involved, keep reading! In this article, we'll discuss everything you need to know about filing overdue income tax returns using ITR-U.
What is ITR-U?
ITR-U is a savior for taxpayers who miss the tax filing deadline. This easy-to-use form is available online for individuals and HUFs who missed the original deadline of July 31st. The best part about ITR-U is that you can easily fill it out on the Income Tax Department's official website. Plus, you don't have to worry about physically visiting any office, as the entire process is online.
If you've already filed your returns but need to make changes or corrections, you can file a revised return instead of ITR-U. It was introduced to optimize tax compliance by taxpayers without being imposed on any legal action.
The Income tax section 139(8A) allows taxpayers a chance to update their ITR within two years from the end of the year in which the original return was filed. So, don't hesitate to file a belated return using ITR-U if you've missed the deadline.
READ MORE: Missed filing a belated income tax return? ITR-U is your last chance. Here's all you need to know
Are you eligible to file ITR-U?
Individuals or HUFs who have missed the original tax filing deadline and have not yet filed their income tax returns can file ITR-U. However, taxpayers who have already filed their returns but want to make changes or corrections can file a revised return instead of ITR-U.
What is the time limit for filing ITR-U?
You can update your income tax returns within 24 months from the end of the relevant assessment year. For the current financial year 2022-2023, you can update your returns for the assessment year 2020-2021 and 2021-2022. For example, if you need to update your return for FY 2021-22, you have until March 31, 2025, to do so.
Additional tax liability you need to pay
| Deadline for Filing ITR - U | Additional Tax Liability | Interest |
| Within 12 Months | 25% of the tax amount | Yes |
| Within 12-24 months | 50% of the tax amount | Yes |
The additional tax liability is applicable if the ITR-U is filed after the due date. It is always advisable to file your returns within the due date to avoid any additional tax liability. Any extra money you are paying unnecessarily can be invested or could’ve been used for some productive purposes. Also, delay in legal proceedings like tax indicate your incapability of managing your finances, could impact your credit report.
Anushka Trivedi is a freelance financial content writer. She can be reached at anushkatrivedi.com
Disclaimer: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment-related decision.