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Understanding belated, revised and updated Income Tax Returns

Summary: You can file an income tax return after the due date, rectify mistakes if you had made any in the original filing process and even update your original, revised or belated return filing. Read the article below to know more.

28 Mar 2023 by Team FinFIRST
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Our tax formalities usually involve filing the annual income tax return (ITR), paying taxes, and awaiting a refund (if applicable). However, there may be instances where a taxpayer forgets to file the return on time or makes mistakes while filing. But first, let us ascertain the legal definition of a taxpayer. 

Who is a taxpayer?


Anyone who earns or receives income in India must pay income tax. For people under 60 who opt for the old tax regime, an annual income of Rs 2.5 lakh and above will attract income tax. Under the new regime, this cut-off is Rs 3 lakh. A senior citizen is a taxpayer if their income is Rs 3 lakh and above. A super senior citizen (aged 80 and above) becomes a taxpayer if their annual income is Rs 5 lakh or above. It is to be noted that this has been further revised in Budget 2023.

Also read: https://www.metratrust.com/finfirst-blogs/finance/latest-income-tax-slabs-and-rates-for-union-budget-2023

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Belated, revised, and updated income tax returns
 

• A belated ITR is filed if the taxpayer fails to file the income tax return on or before the original due date. 

• A revised ITR is filed if the original income tax return status is erroneous, i.e. inaccurate.

• An updated ITR can update any or all previous income tax returns filed. However, this can be filed only once for an assessment year. 

Purpose


You can file a belated income tax return if you still need to complete the original ITR filing date. A revised return is filed when you have filed the original ITR on time, but it needs correction. A revised return can also revise a belated return. An updated return can be filed to update any omissions or mistakes in the original, overdue, or revised income tax returns. It can also be filed if none of these returns has been filed.

Timeline


Belated returns can be filed on or before 31st December of the assessment year. The last date for filing a revised return is also 31st December of the assessment year. There is no limit to how many times a belated return can be filed. An updated ITR can be filed after the end of the relevant assessment year but within 24 months of the end of the relevant assessment year.

Also read: https://www.metratrust.com/finfirst-blogs/finance/is-tax-refund-amount-taxable

Why you should avoid taking these extensions


While filing a belated return, you cannot carry forward your losses (except loss from house property). A late fee under Section 234F and interest under Sections 234A, 234B, and 234C is levied on belated returns. While filing a revised ITR, you must provide the original return's receipt number and filing date. In an updated return, you cannot file a nil or loss return, or claim or increase the tax refund amount. 

Given these drawbacks, you must – as far as possible – file your income tax return on time and correctly.

Also read: https://www.metratrust.com/finfirst-blogs/finance/banking-details-needed-for-filing-taxes

Conclusion


To reduce your tax liability, you can make tax-saving investments through your Metra Trust Savings Account. For attractive fixed deposits and direct investment through demat, open your Metra Trust Savings Account today!

 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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