ITR-U filing for AY 2023-24 started from 1st Jan 2024

Missed the Belated ITR Filing Deadline of 31st Dec? You can still file the Income tax return through ITR-U form

The Due Date for Filing Belated Income Tax Returns or revising ITR for Financial Year 22-2023 was 31st December 2023. From 1st January 2024, Belated or Revised ITR can not be filed but ITR can be filed through ITR-U form, in which the Taxpayer cannot lessen Income, show Tax Refund, Increase Losses or Show Losses.

What is ITR-U?

ITR-U or Updated Income Tax Return, is a Return that allows taxpayers to update their ITRs through correcting errors or omissions within two years from the end of 31st Dec 2023. For example, if you filed an ITR for AY 2023-24 and missed the revised/ belated return filing window, you may record an ITR-U after end of the AY, i.e. 31 March 2024 but within two years from there, i.e. 31 March 2026.

Who can file ITR U?

Any person who had made error or omitted to record any of the income details in following returns can file an updated return:

• Original return of income, or
• Revised return, or
• Belated return.

Who is not eligible to file ITR-U?

ITR-U cannot be filed in following cases:

• Updated return is already been filed
• For claiming refund.
• For filing NIL ITR
• When updated return results in lower Income tax liability

How to file ITR U form?

If you haven't filed your Income Tax Return (ITR) for the last three years, you could file it through ITR U. Here are the steps you can follow to report your ITR for the previous 3 years:

1. Gather all the important files: To record ITR for the previous three years, you have to gather all the necessary files like Form 16, Form 26AS, financial institution/Bank statements, and different files related to your profits and investments for each of the years.
2. Download the utility of the relevant ITR form: You need to Select and Download utility of the applicable ITR form i.e. ITR1/2/3/4 etc. for each of the three years from the Income Tax Department’s website.
3. Fill up the details: Once you've selected the ITR form, you need to fill in the details like your Income from different sources, deductions and tax paid for each of the years.
4. Compute the tax liability: After filling in all the details, you need to compute your tax liability for each of the years. You can use an online tax calculator to compute your tax liability.
5. Pay any pending taxes: If you've got any pending taxes for any of the 3 years, you need to pay them earlier than submitting the ITR. You pay the taxes online using the Income Tax Department’s internet site.
6. File the ITR form: Once you have filled all the information and paid any pending taxes, you may file the ITR for each of the 3 years online on the Income Tax Department’s internet site.
7. Verify the ITR: After filing the ITR, you want to confirm it using your Aadhaar card, net banking, or by sending a physical copy of the ITR-V to the Income Tax Department.

By following these steps, you can file your Income Tax Return of the last 3 years. However, it is always advisable to file your ITR before time to avoid penalties or interest charges.

The author is an Income tax, Accounting and GST Practitioner