Income Tax Return: You still have time to submit an updated return like this one if you haven't already for FY22–23

Income Tax Return: You still have time to submit an updated return like this one if you haven't already for FY22–23

Income Tax Return: You still have time to submit an updated return like this one if you haven't already for FY22–23

Income Tax Return: On December 31, 2023, the deadline for filing the billed Income Tax Return (ITR) for the fiscal year 2022–2023 was reached.

An updated Income Tax Return (ITR) may now be filed by those who failed to submit the delayed Income Tax Return (ITR) by December 31, 2023, for the fiscal year 2022–2023. The Finance Act of 2022 permits taxpayers to submit their revised returns under section 139(8A). There is a deadline for submitting amended returns, however.

Revised return

All taxpayers, whether or whether they have previously filed an ITR, are eligible to submit an updated income tax return. Updated ITRs must be submitted within 24 months following the assessment year's conclusion, under income tax regulations. Consequently, by March 31, 2026, the amended return for Financial Year 22–23 (AY 2023–24) may be submitted. But keep in mind that submitting an updated return can result in a substantial fine for the taxpayer, and filing an updated return will prevent you from receiving a tax refund.

How can an updated return be filed? (How to submit an amended ITR)

Utilizing the ITR form relevant to the assessment year, including Form ITR-U, the amended return is submitted. Fill out Schedules "Part A Gen_139(8A)" and "Part B ATI" on the ITR form.

Electronic Filing: Electronic filing, along with a digital signature certificate, is required for some taxpayers, such as corporations or those whose accounts have been audited. With an electronic verification code or digital signing certificate, others may electronically submit their revised returns.

A person must fill out the form with the following information when submitting an updated return:

basic information such as name, Aadhaar card number, and PAN.

Information about prior returns, if any, including section, ITR form, acknowledgment number, and date of filing

Next, choose the appropriate ITR form to submit the amended return.

Next, choose the rationale for submitting the amended return.

When should I submit my revised return?

If the revised return is being submitted between 12 and 24 months after the assessment year ends, the person must provide this information. Examine all of the information on the form in detail before submitting it. For any inaccurate information provided on the form may result in an audit or delay.