The deadline to file the ITR or Income Tax Return for the financial year 2021-2022 was July 31, 2022. Then, for those who missed this deadline, December 31st became a checkpoint to file belated and revised ITRs. Revised ITR is to be filed by the taxpayers who have committed a mistake, error or miscalculation while filing the original ITRs, after rectifying the errors.
What to Do After Missing Belated ITR Filing Deadline on December 31?
Anyway, if by any chance you have missed both the deadlines, July 31, 2022, and December 31, 2022, then you still got the final chance to save yourself by filing ITR-U.
ITR-U was first introduced by the Union government in Budget 2022 and a taxpayer is eligible to file this document within 2 years from the last date or deadline of filing the ITR of his assessment year.
What is ITR-U?
ITR-U is for those taxpayers who have missed mentioning a source of income in their previous return. “This option is also available to anyone who did not submit timely, belated or revised ITRs. Additionally, if an ITR was not closed in a particular financial year, this facility can be used there as well.”
“The last date for ITR-U for AY 2020-21 is March 31, 2023, and March 31, 2024, for AY 2021-22. For AY 2022-23, it is March 31, 2025,” mentioned Hindustan times.
Penalties for ITR-U
So, if you don’t report an income in your ITR then an additional tax of 25% of the original tax that he was supposed to pay. This fine has to be paid by the taxpayer within 12 months from the end of the relevant AY. Whereas, when an ITR-U is filed after 1 year but within 2 years this penalty can go upto 50%.
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How to File ITR-U?
This is the official link where you can visit to file ITR-U. Eportal.incometax.gov.in. But this portal cannot be used for these services: nil or loss return, claiming the refund and minimising income tax liability.
