While the deadline to file one’s original income tax return (ITR) ended on July 31, individuals can still file belated, updated and revised returns.

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Let's understand more about these different kinds of returns.

What are original returns?

Original returns are filed within the deadline. Generally, taxpayers are required to file ITR by July 31 of any year, unless extended by government.

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These can be filed without any penalty.

What are revised returns?

When someone files their return but later realises that they have missed some information or not disclosed something completely, they can file a revised return .

The due date is before the end of the relevant assessment year.

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No penalty is levied for this but if the assessing officer discovers that the error was intentional/fraudulent, revision of return is not allowed and penalty may be levied.

What are updated returns?

There is an option to file an updated return as per Section 139(8A).

The Finance Act, 2022 has introduced the concept of updated return to allow a longer duration for an assessee to file the return of income. An updated return can be filed within 24 months from the end of the relevant assessment year (subject to certain conditions). It can be filed even after the expiry of time limits specified for the filing of a belated return or revised return of income.

A penalty or fee is not levied upon a person who wishes to furnish an updated return. However, they will be required to pay an additional tax in accordance with Section 140B of the Income Tax Act.

A taxpayer is required to furnish an updated return in those ITR forms which were notified for the respective assessment year for which an updated return is to be furnished. Such an ITR form is to be filed along with the newly notified form ITR-U.

What are belated returns?

Taxpayers who missed filing their ITRs by the deadline can still file belated returns. However, this comes at a cost.

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A fee of Rs 5,000 is levied under Section 234F of the Income Tax Act, 1961 for filing a belated return. For taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1,000.

Also, if there is tax to be paid, taxpayers will be charged interest at 1 percent per month after the end of the due date till they file ITR.

(Edited by : Shoma Bhattacharjee)

First Published:Aug 4, 2022 5:29 PM IST