- Date : 05/09/2022
- Read: 2 mins
Differences between revised, belated and updated income tax returns
Although the ITR filing date is passed, there are some ways by which you can still file or update your tax returns. If you have filed your tax returns, but later you discover a mistake, you can file a revised return. If you want to update your older returns, you can do that, but you might need to pay some penalties. If you forgot or missed filing the returns, there is an opportunity to still file the returns. You need to file a belated return in this case.
If you made a mistake while filing your taxes, you could file a revised return. You need to file the tax returns within the prescribed time limit. You are allowed to file this return till 31 Dec 2022. usually, the deadline is a quarter before the end of the assessment year. If you want to revise the return, you should remember that there is no limit, and you can revise the returns any number of times. But if you have filed paper returns, then you cannot revise the returns electronically.
The deadline for the filing of tax returns this year was 31 July 2022. But if you missed the deadline, you need not worry. You can still file your returns till 31 Dec 2022. You will need to pay a fine of Rs 5,000. But if your total income is less than Rs 5 Lakhs, you can file your tax returns with a fine of Rs 1,000 only.
If you want to update the returns of your previous financial year or even the current financial year, you might need to file an updated return. The updated returns have hefty penalties. A 50% penalty is charged if you need to file updated returns for FY21. For FY22, a 25% penalty is charged along with the due interest. You need to file an ITR-U form to file an updated return.
Also, the reasoning behind an updated return needs to be declared in detail. The reason can be anything like forgetting to file the ITR, updating the income information which was wrongly reported previously or not reported at all, updating of wrong heads of ITR forms, reducing carry-forward losses, etc. Also know about the Difference between tax exemption, tax deduction and tax rebate