Finance Minister Nirmala Sitharaman, under the Finance Act 2022, gave this facility to the taxpayers so that they can revise their filed ITR within two years and file it again.

The last date for filing updated income tax return is near. In such a situation, taxpayers who want to file updated returns for the last two years. This news is very important for them. Actually, the last date for filing updated ITR is 31 March 2025. In such a situation, taxpayers must file their return before this date.

Additional tax will have to be paid

Finance Minister Nirmala Sitharaman, under the Finance Act 2022, gave this facility to the taxpayers that they can revise their filed ITR within two years and file it again. In such a situation, if you also want to update your return for Assessment Year 2022-23 or Financial Year 2021-22, they will have to file it by March 31, 2025. However, for filing updated returns, additional tax will have to be paid as per the new provisions.

Under what circumstances can updated ITR be filed?

Taxpayers can file updated ITR under many circumstances. However, there are some exception cases in which filing of return is not allowed. Let us tell you that updated ITR can also be filed by those taxpayers who had earlier claimed loss under section 139 (3).

The government gives this rule an opportunity for taxpayers to ensure compliance and accuracy in their tax filing without facing any penalty or legal consequences.

Updated ITR cannot be filed under these circumstances?

Let us know that there are some circumstances in which updated income tax return cannot be filed. Let us know.

1. Updated ITR cannot be filed if tax liability is reduced as a result of revised income.

2. It cannot be filed if tax refund or higher return is received on filing updated return.

3. If a taxpayer is being investigated by tax authorities, he cannot file updated return.

4. It cannot be filed even if documents are seized or demanded by the Income Tax Department.