200% की पेनल्टी… आज आखिरी मौका, चूक गए तो भारी नुकसान! – Income Tax Return Update File Last Date 31 Mach 200 percent Penalty tutd
The new financial year will start from April 1, due to which the deadlines for many works will end today itself i.e. on March 31, 2026. If you have not yet completed these tasks by March 31, you may have to suffer huge losses. One of these issues is also regarding tax.
According to the Income Tax Department, the last date for filing updated Income Tax Return (ITR-U) for the financial year 2020-21 (Assessment Year 2021-22) is 31 March 2026. Once this period expires, your opportunity to correct errors or report any missed income for that period is lost forever.
Who has to file ITR-U?
ITR-U means correcting and correcting the mistakes made in late or revised return as per your wish. ITR Have to file. If you feel that there is an error in your filled ITR or something is missing and you want to avoid the action of the Income Tax Department, then you can file an updated ITR. You cannot use ITR-U to claim a refund, enhance an existing refund or file a “nil” return.
Let us know who can fill this ITR.
Missed the deadline for submission of original application.
Some failed to report income.
Incorrect income or tax rate was selected.
There is a need to adjust the losses incurred in previous years.
200% penalty
If you miss this opportunity, you may have to face heavy fines. Depending on the delay in filing the income tax return, extra tax ranging from 25 to 70 percent is levied on the amount payable. If ITR-U is filed within 12 months, additional tax of 25% will be levied, additional tax of 50% (24 months), 60% (36 months) and 70% (48 months) will be levied.
However, ignoring deadlines is much riskier. If the tax department is the first to spot the mistake, you may face stringent scrutiny, re-assessment and even a penalty of up to 200% of the tax evaded.
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