ITR-U filing for AY 2023-24 started from 1st Jan 2024

Sparsh Wadhwa | Last updated: 05 January 2024

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Quick Summary

If you've missed the 31st December 2023 deadline for filing belated or revised Income Tax Returns (ITR) for FY 2022-23, you can still file an updated return using the ITR-U form. This form allows you to correct errors or omissions in previously filed original, revised, or belated returns. However, you cannot use ITR-U to reduce your declared income, claim a tax refund, or increase/show losses.

Missed the Belated ITR Filing Deadline of 31st Dec? You can still file the Income tax return through ITR-U form

The Due Date for Filing Belated Income Tax Returns or revising ITR for Financial Year 22-2023 was 31st December 2023. From 1st January 2024, Belated or Revised ITR can not be filed but ITR can be filed through ITR-U form, in which the Taxpayer cannot lessen Income, show Tax Refund, Increase Losses or Show Losses.

What is ITR-U?

ITR-U or Updated Income Tax Return, is a Return that allows taxpayers to update their ITRs through correcting errors or omissions within two years from the end of 31st Dec 2023. For example, if you filed an ITR for AY 2023-24 and missed the revised/ belated return filing window, you may record an ITR-U after end of the AY, i.e. 31 March 2024 but within two years from there, i.e. 31 March 2026.

File ITR-U: Update Income Tax Returns After Deadline

Who can file ITR U?

Any person who had made error or omitted to record any of the income details in following returns can file an updated return:

Original return of income, or
Revised return, or
Belated return.

Who is not eligible to file ITR-U?

ITR-U cannot be filed in following cases:

Updated return is already been filed
For claiming refund.
For filing NIL ITR
When updated return results in lower Income tax liability

How to file ITR U form?

If you haven't filed your Income Tax Return (ITR) for the last three years, you could file it through ITR U. Here are the steps you can follow to report your ITR for the previous 3 years:

Gather all the important files: To record ITR for the previous three years, you have to gather all the necessary files like Form 16, Form 26AS, financial institution/Bank statements, and different files related to your profits and investments for each of the years.
Download the utility of the relevant ITR form: You need to Select and Download utility of the applicable ITR form i.e. ITR1/2/3/4 etc. for each of the three years from the Income Tax Department’s website.
Fill up the details: Once you've selected the ITR form, you need to fill in the details like your Income from different sources, deductions and tax paid for each of the years.
Compute the tax liability: After filling in all the details, you need to compute your tax liability for each of the years. You can use an online tax calculator to compute your tax liability.
Pay any pending taxes: If you've got any pending taxes for any of the 3 years, you need to pay them earlier than submitting the ITR. You pay the taxes online using the Income Tax Department’s internet site.
File the ITR form: Once you have filled all the information and paid any pending taxes, you may file the ITR for each of the 3 years online on the Income Tax Department’s internet site.
Verify the ITR: After filing the ITR, you want to confirm it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the Income Tax Department.

By following these steps, you can file your Income Tax Return of the last 3 years. However, it is always advisable to file your ITR before time to avoid penalties or interest charges.

The author is an Income tax, Accounting and GST Practitioner

FAQ :

ITR-U stands for Updated Income Tax Return. It's a form that allows taxpayers to update their previously filed Income Tax Returns by correcting errors or omissions.

After 31st December 2023, you cannot file a belated or revised ITR. However, you can file an updated return using the ITR-U form.

With an ITR-U, you cannot reduce your declared income, claim a tax refund, increase your losses, or show losses.

Any person who made an error or omitted to record income details in their original, revised, or belated return can file an updated return using ITR-U.

You cannot file an ITR-U if you have already filed an updated return, if you want to claim a refund, if you are filing a NIL ITR, or if the updated return would result in lower income tax liability.

You can file an ITR-U within two years from the end of the relevant assessment year. For example, for AY 2023-24, you can file it up to 31st March 2026.