Updated ITR Deadline: The Income Tax Department is informing taxpayers of the necessary steps to take

 Updated ITR Deadline: The Income Tax Department is informing taxpayers of the necessary steps to take

Updated ITR Deadline: The Income Tax Department is informing taxpayers of the necessary steps to take

December 31, 2023 is the deadline for submitting a revised ITR for this assessment year. Those who need to submit their amended ITR right away need should.

The date of December 31 is crucial for you if there are any discrepancies in your income tax return and you need to submit a revised ITR. December 31, 2023 is the deadline for submitting a revised ITR for this assessment year. Those who need to submit their amended ITR right away need should. Additionally, the Income Tax Department is contacting these taxpayers to amend their ITRs.

It is known that the majority of those who completed high-value transactions in 2022 and 2023 are receiving reminders to complete their updated ITRs. Taxpayers may reply by going over the AIS form one again. After December 31, there will be no revisions to income tax returns.

Why fill out the updated ITR?

You will need to submit a revised ITR if you filled it out incorrectly. In accordance with Income Tax Act Section 139(5), you must submit this ITR. In addition to the inaccuracy, another explanation might be that even if you submitted your ITR before July, your AIS, or Annual Change, would still be shown in the information status since your

estimated tax for this assessment year has changed, or your TDS, etc. has been amended. You could also need to file an amended ITR as a result of this.

Will I also be required to pay a fine?

The Income Tax Department levies no fees or penalties for submitting amended ITRs. You will be responsible for paying more tax on your income if you alter it in any way and report more income on your amended ITR. You can also be assessed a fine and interest on the unpaid balance in such a situation.

For your general information, we would like to advise you that after the filing of an ITR for an assessment year, you have the option to submit updated ITRs as many times as you would like up to the deadline of December 31st. But, you shouldn't edit it too often since doing so might draw attention to you. You presently have until December 31st to amend your return and submit a revised ITR in this case.