Income Tax Portal Update – Filing of Updated Returns Now Live! 🚀

The Income Tax Department has rolled out a much-awaited feature on the Income Tax e-Filing Portal – taxpayers can now file Updated Returns (ITR-1 & ITR-2) for Assessment Year (AY) 2021-22 and AY 2022-23 under Section 139(8A).

This update is a major relief for individuals who missed filing their returns, made errors, or need to revise their previously filed returns for these years.

✅ What is an Updated Return (Section 139(8A))?

An Updated Return allows taxpayers to file or correct their income tax return within 24 months from the end of the relevant assessment year.
It is applicable even if the taxpayer had not filed any return earlier.

🗓️ Assessment Years Covered in This Update

  • AY 2021-22 (Financial Year 2020-21)

  • AY 2022-23 (Financial Year 2021-22)

Taxpayers can now select these years on the portal and choose ITR-1 or ITR-2 as applicable.

📌 Who Can File?

You can file an Updated Return if you:

  • Missed filing your return earlier.

  • Need to correct income details.

  • Forgot to report certain income (salary, interest, capital gains, etc.).

  • Need to pay additional tax due to revised income figures.

⚠️ Important Points to Note

  • Updated Return cannot be filed to claim an increased refund or reduce your tax liability.

  • Additional tax (25% or 50% of tax & interest) may apply depending on when you file.

  • The filing option is now enabled for ITR-1 and ITR-2 on the portal.

  • Ensure accurate reporting to avoid penalties and notices.

💡 Why This is Important

The government introduced Section 139(8A) to give taxpayers a chance to correct mistakes voluntarily and reduce litigation. This initiative is a step towards better compliance and transparency in tax filing.

📞 Need Expert Help?

Filing an Updated Return requires careful calculation to ensure compliance and avoid excess penalties. Our team at Taxla Services can help you file accurately and on time.

📞 Contact us today: +91 7305701454
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com

#IncomeTaxUpdate #UpdatedReturn #ITR1 #ITR2 #AY2021_22 #AY2022_23 #TaxFiling #IncomeTaxIndia #TaxlaServices #StayCompliant #BeTaxSmart #BestAuditorInTamilnadu



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