Filing ITR: You can file updated income tax return for past two years before March 31. Check the rules that apply

If you somehow failed to file your income tax return (ITR) for any of the past two years, you can still file an updated income tax return.

These two years are 2021-22 (AY 2022-23) and 2022-23 (AY 2023-24) for which taxpayers can still file their updated return before March 31, 2025, reveals the department’s website.

Notably, the last date to file updated income tax return (ITR-U) for 2021-22 is March 31, 2025.

The updated tax return can be filed by any person within 24 months from the end of the relevant assessment year whether or not an original, revised or belated return has been furnished under section 139 for such assessment year. It can be filed in following cases:

If the return was previously not filed or if the return was filed but one of the following scenarios happened:

a) Taxpayer did not report income correctly

b) While filing the return, wrong heads of income was chosen

c) Rate of tax was not correct in previous ITR

It can also be filed in these scenarios

a) To reduce carried forward loss

b) To reduce unabsorbed depreciation

c) To reduce tax credit under section 115JB/ 115JC

However, one cannot file if there is a nil return or a return of loss.

1) Nil return or a return of a loss

2) Has the effect of decreasing the total tax liability determined based on return furnished for the relevant AY

3) It would result in extra refund of tax based on return furnished for the relevant AY

4) Also, taxpayers can’t file an updated return in case of search and seizure or in case where any prosecution proceedings have been initiated.

Frequently Asked Questions

Can you file an updated ITR under the new tax regime or can you change the regime?

A taxpayer has to choose the tax regime within the due date prescribed as per section 139(1) of the Income Tax Act. Once chosen within the due date, the taxpayer cannot change the regime after the due date.

How many times can one file updated ITR for the same financial year?

The e-filing portal will not allow you to file ITR under section 139(38A) more than one time.

Can you file ITR-U if you do not have any tax payable?

No, if your total tax is adjusted with TDS credit and you don’t have any additional tax liability, you can’t file an updated ITR.

Can you file ITR-U if your total income is below ₹5 lakh and have claimed rebate under section 87A?

Yes, you can file the updated return but you will be liable for the late filing fees. The same must be paid, and the payment details must be updated under the “Taxes paid under 140B” tab.