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Why accuracy in filling ITR is important
- To Navigate the Complex Income Tax Act
- 10 Years period upto which a notice for incorrect or inaccurate tax filling could be served
- Incorrect reporting Can attract Upto 200% Penalty over and above normal Tax and Interest
- Expert assisstance helps collating information and provides guidance for future.
- Expert assistance in managing IT Department Correspondances
Our Advantage!!
Guidance makes it easy!!
Maximum Saving
Timely Interventions to meet future goals
Faster yet Reliable
Peace of Mind
Information Security & Privacy
How We Work – Income Tax Return Filing Made Simple
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Missed the Income Tax Return Deadline?
If the original due date for filing your income tax return (ITR) has passed, the Income Tax Act allows for a belated return to be filed. As per current provisions, this belated return must be filed on or before 31st December of the relevant assessment year, unless extended by the government.
However, late filing attracts a fee under Section 234F
- ₹5,000 if total income exceeds ₹5,00,000
- ₹1,000 if total income is up to ₹5,00,000
However, Late filing may also result in restrictions on carrying forward certain losses or claiming specific deductions. It is advisable to ensure accurate and timely filing even if the original deadline is missed.
For further clarification on belated return provisions, taxpayers may seek professional advice based on their specific case.
Didn’t File a Belated Return? ITR-U Might Help
If both the original and belated return deadlines have passed, taxpayers still have a final opportunity through the provision of Updated Return under Section 139(8A).
Introduced as part of the Union Budget 2022 and updated by subsequent amendments, this facility allows individuals and entities to voluntarily declare previously missed income by filing ITR-U within a defined window.
Key Highlights:
- Only one ITR-U filing is permitted for each assessment year
- Additional tax liability applies
- 25% of additional tax + interest, if filed within 12 months
- 50%, if filed between 12–24 months
- 60%, if filed between 25–36 months
- 70%, if filed between 37–48 months
- Cannot be used to:
- Report a loss
- Claim a refund
- Reduce tax liability declared in earlier return
Who Should Consider Filing ITR-U?
- Taxpayers who missed all prior deadlines but now wish to declare unreported income
- Businesses that identified errors or under-reporting after review or audit
- Individuals who unintentionally skipped high-value income such as capital gains, foreign income, or speculative income
Filing a belated return or an updated return can help reduce exposure to penalties and scrutiny, but careful assessment is essential.
faq
Related to Online Income Tax Return Filing
Who is entitled to file an income tax return?
What are the advantages of filing a tax return?
How can you get your income tax refund if the deadline has passed?
How can you file an income tax return if you missed the deadline?
Can you pay your income tax beyond the deadline?
How can you make changes to your income tax returns before the deadline?
What is the deadline for filing a trust return?
What is the deadline for filing a corporate tax return?
What is the deadline for filing an ITR?
Types of Income Tax Return
ITR-1 (SAHAJ)
ITR 2
ITR 3
ITR 4
ITR 5
ITR 6
ITR 7
Have a question?
Reach out today to schedule a consultation and witness the direct impact of our proficiency.
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