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An updated return allows taxpayers to voluntarily correct or revise their income tax return, even after the regular deadlines have passed. As per sections 139(8A) and 140B of the Income Tax Act, taxpayers can file an updated return by paying any extra taxes owed.
Income Tax 2025: What Is Updated Tax Returns?– Who Can File, When You Cannot File– All You Need To Know
An updated return allows taxpayers to voluntarily correct or revise their income tax return, even after the regular deadlines have passed. As per sections 139(8A) and 140B of the Income Tax Act, taxpayers can file an updated return by paying any extra taxes owed.
New Delhi: On August 16, the Income Tax Department made it easier for taxpayers to file updated returns by releasing Excel utilities for ITR-3 and ITR-4 for the assessment years 2021–22 and 2022–23. This follows the earlier release of similar utilities for ITR-1 and ITR-2. This helps individuals and businesses correct or update their tax filings for those years with greater convenience.
For those who may not know, the government introduced a scheme in 2022 allowing taxpayers to file an updated return within 24 months after the end of the relevant assessment year. In a significant update, starting in 2025, this time window has been extended to 48 months—giving taxpayers even more flexibility to make corrections or updates to their tax returns. (Also Read: Income Tax 2025: What Is Updated Tax Returns?– Who Can File, When You Cannot File– All You Need To Know)
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An updated return allows taxpayers to voluntarily correct or revise their income tax return, even after the regular deadlines have passed. As per sections 139(8A) and 140B of the Income Tax Act, taxpayers can file an updated return by paying any extra taxes owed. This provision helps promote better compliance and minimizes disputes by giving taxpayers up to four years after the assessment year to make necessary changes.
According to an ET report, taxpayers now have up to four years from the end of the relevant assessment year to file an updated return. For instance, if someone misses the original deadline of July 31 (which has been extended to September 15 this year), and also misses the belated or revised return deadline of December 31, they can still file an updated return for the assessment year 2025–26 anytime until March 31, 2030. (Also Read: Why Everyone's Talking About Micro-Retirement: Gen Z's New Work Trend)
An updated income tax return can be filed in several situations, such as:
A. If you didn't file your return earlier, or
B. If you did file it, but need to make corrections like:
- Reporting income that was missed
- Correcting the head under which income was declared
- Reducing carried-forward losses
- Adjusting unabsorbed depreciation
- Updating tax credit claimed under sections 115JB or 115JC
- Fixing an incorrect tax rate used
You cannot file an updated return in these situations:
- If your original return shows no tax liability (nil return) or reports a loss
- If filing the updated return would lower your total tax owed
- If it leads to a refund or increases the refund amount
- If your case involves a search and seizure or if prosecution proceedings have started
These rules help ensure updated returns are used only for correcting additional tax payments, not for claiming extra refunds or avoiding taxes.
One important thing to remember is that when filing an updated return, taxpayers cannot switch between the old and new tax regimes. You have to stick with the tax regime you originally chose in your first return.
Source: ZeeNews
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