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Unlimited Tax Return Filing


ITR-U e-Filing for FY 2022-23 is Now Available on the IT 2.0 Portal

Filing of ITR-U Form Available for AY 2023-24

The Central Board of Direct Taxes (CBDT) has recently updated the Income Tax Portal, enabling the electronic submission of amended Income Tax Returns (ITRs) for the Assessment Year (AY) 2023-24 or Financial Year (FY) 2022-23.

Taxpayers are now given the option to submit revised Income Tax Returns (ITRs) for the ongoing assessment year under Section 139(8A). According to Section 139(5) of the Income Tax Act, 1961, individuals have the opportunity to modify returns that were earlier filed by Section 139(1) or Section 139(4) of the Income Tax Act. This requirement enables the inclusion of any excluded entries or the rectification of mistakes in the original return.

It’s crucial to keep in mind that certain limitations apply to the filing of updated returns. Assessees cannot revise returns that result in a net loss, generate a higher refund against the original return, or minimize tax accountability.

The process of submitting updated returns not only supports taxpayers in correcting errors but also demonstrates unforced compliance with tax laws, thereby mitigating possible legal concerns associated with tax evasion.

However, taxpayers should be mindful that filing an updated return may lead to additional income tax accountabilities, as it may disclose previously undisclosed income that was not reported in the initial return.

Even after this potential burden, the benefits include avoiding litigation concerning tax evasion and boosting voluntary compliance with tax laws. Stay informed and compliant by keeping up with the recent modifications on the Income Tax Portal for a seamless and precise filing experience.

Disclaimer:- "All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Published by Arpit Kulshrestha
Arpit Kulshrestha seeks higher interests in financial services, taxation, GST, I-T, etc. Writes articles with depth knowledge and is extensive for the same. The resources provide effective articles for the products of SAG infotech which provides taxation and IT software. Writing from observations and researching makes his articles virtuous. View more posts
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