Updated ITR and refund claim

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Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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11 April 2024 Refund of ITDS is not allowed vide Updated Return. But whether tax liability can be set off from ITDS ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 April 2024 Yes, it can be setoff in updated return with a meagre payment tax.

CA Roomi Gupta

CA Roomi Gupta (Expert)
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12 April 2024 Updated ITR can be filed only if there is an additional tax liability even if it arise after set off the TDS.

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RAJA P M

RAJA P M (Expert)
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12 April 2024 Yes I agreed to CA Roomi Gupta...

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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15 August 2025 a) Updated Returns (ITR-U):
Taxpayers can correct previously filed ITRs using ITR-U within 48 months post-assessment year as permitted by Finance Act, 2025.
Penalties scale with the delay: 60% extra tax if filing in 3rd year, 70% in the 4th year.
ITR-U utilities for AY 2021-22 and 2022-23 (ITR-1 & ITR-2) are now live on the portal.
CAalley
b) Reflexive Delays in Refunds:
Increased automation and stringent cross-verification with data from Form 26AS, AIS, and TIS can delay refunds.
Outstanding tax demands or pending assessments may result in refund adjustments or hold-ups.
However, interest on delayed refunds is payable under Section 244A, starting early in the assessment year for timely filers or from date of filing otherwise.
The Economic Times
c) Emerging Relief for Late Refund Filers:
Notably, the new Income Tax Bill, 2025 proposes relief (Clause 479), such as waiving penalties for small taxpayers who file ITRs solely to claim refunds—even if late.

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