Another key advantage of ITR-U is the extended deadlines, which provide relief for those who discover mistakes well after the original filing period. This makes ITR-U not just a correction mechanism, but also a safeguard against future complications. Need professional help with ITR-U filing or understanding audit filing steps? Call +91 742 8600 607 for expert guidance from AuditFiling.
https://www.auditfiling.com/our_stories/understanding-updated-income-tax-return-itr-u-and-Its-importance-in-itr-filing , Filing Income Tax Returns (ITR) is an essential duty for every taxpayer, but errors and omissions are not uncommon. Sometimes income is missed, deductions are claimed incorrectly, or a return is not filed at all. Until recently, correcting these mistakes after the due date was a challenge. To address this, the government introduced the concept of the Updated Income Tax Return (ITR-U).
This detailed blog from AuditFiling highlights how ITR-U complements regular ITR filing by giving taxpayers a second chance. With ITR-U, you can revise or update your past returns—even years later. Specifically, ITR-U allows corrections to be made up to two years from the end of the relevant assessment year. This provides flexibility and reduces the risk of penalties from unreported income.
The process, however, involves certain conditions. While updating returns, taxpayers are required to pay any additional tax liability, along with extra charges. These extra charges are generally 25% or 50% of the tax and interest, depending on how late the correction is filed. AuditFiling’s experts carefully outline these steps to ensure smooth compliance.
Income Tax Filing for Self-Employed
ITR-4 Filing Presumptive Taxation
ITR-5 filing for partnership firms
GST Registration for Proprietorship
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