ITR Filing: Missed Deadline? How To Avoid Tax Trouble | Explained

The last opportunity to file ITR for the financial year 2022-23 was December 31. If you missed the initial deadline on July 31, 2023, December 31 was your last chance. But don't worry if you missed that too – there's still a way to avoid trouble with the Income Tax department.
ITR Filing: Missed Deadline? How To Avoid Tax Trouble | Explained

ITR Filing: Missed Deadline? How To Avoid Tax Trouble | Explained (image source: iStock)

Filing your Income Tax Returns (ITR) is an essential task, and missing the deadline can lead to various consequences. The last opportunity to file ITR for the financial year 2022-23 was December 31. If you missed the initial deadline on July 31, 2023, December 31 was your last chance. But don't worry if you missed that too – there's still a way to avoid trouble with the Income Tax department.

Here Is How You Can Avoid Tax Trouble

Request for Condonation of Delay
If you have valid reasons for missing the deadline, you can apply for a condonation of delay from the Central Board of Direct Taxes (CBDT) under Section 119 of the Act. This provision offers relief to taxpayers who file their ITR late. To avail of this, submit a request for condonation of the delay through the e-filing portal.
The income tax officers will review your request, and if they find it acceptable, you get a second chance to file your ITR. While there's no specific deadline for the condonation request, it's crucial to file it as soon as you realise the delay.
However, there's no guarantee that your condonation request will be accepted. It's entirely at the discretion of the Income Tax Department. If they believe your reasons for the delay are genuine, they might grant you a condonation of the delay.
Updated Income Tax Return (ITR-U)
If your condonation plea is rejected, you still have an option. The Union Budget 2022 introduced the concept of Updated Income Tax Return (ITR-U). This allows taxpayers to rectify errors or omissions and update their previous ITR.
This updated return can be filed within two years from the end of the relevant assessment year. Section 139(8A) of the Income Tax Act provides this opportunity to enhance tax compliance without facing legal consequences.
You can file an Updated Return under various circumstances, including if the original return was not filed or missed the deadline, if the income details were inaccurate, or if you want to make corrections in carried forward loss, unabsorbed depreciation, or tax credit.
The deadline for filing ITR-U is 24 months from the end of the relevant assessment year. For the FY 22-23 (AY 2023-24), you can update your return until March 31, 2026 with some amount of penalty.
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