Additional tax will have to be paid

Finance Minister Nirmala Sitharaman gave the facility to taxpayers under the Finance Act 2022 that they can revise their filed ITR and file it again within two years. 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, to file updated returns, additional tax will have to be paid as per the new provisions.

Under what circumstances can you file updated ITR?

Taxpayers can file updated ITR under several circumstances. However, there are some exceptions in which filing of returns is not allowed. Updated ITR can also be filed by taxpayers who had previously claimed loss under section 139 (3).

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

Under these circumstances updated ITR cannot be filed?

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

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

2. If a tax refund or higher return is received on filing the updated return, then it cannot be filed.

3. If a taxpayer is being investigated by the tax authorities, then he cannot file an updated return.
4. It cannot be filed even if the documents are seized or demanded by the Income Tax Department.

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The post ITR Filing 2025: Last date to file updated ITR is near, know what is the last date? first appeared on Rightsofemployees.com.