Updated Income Tax Return Filing for AY 2021-22 and 2022-23

Notice: Updated Returns for AY 2021-22 & AY 2022-23 (ITR-3 & ITR-4) Now Open

The Income Tax Department has now enabled the option to file Updated Returns (ITR-U) for Assessment Years 2021-22 and 2022-23, specifically for taxpayers under ITR-3 and ITR-4.

Who Can Use This Facility?

• Taxpayers who had filed ITR-3 or ITR-4 for AY 2021-22 or AY 2022-23 and now wish to revise or correct their earlier return.
• Individuals who completely missed filing their return for these years and want to regularise compliance.

How to File Updated Returns

1. Visit the official e-filing portal: incometax.gov.in/iec/foportal
2. Log in and go to the “Updated Return (ITR-U)” section.
3. Follow the guided process to update income, deductions, or disclosures and submit the revised return.

Key Points to Keep in Mind

• The Updated Return allows correction of income, deductions, or disclosures that were previously missed.
• If the earlier return understated income, additional tax and interest will be payable under Section 139(8A).
• This facility is time-bound and available only within the eligibility framework of the Income Tax Act.

Best Practice

It’s advisable to review your tax history for AY 2021-22 and AY 2022-23. If you notice an error or omitted income, take corrective action promptly by filing an updated return. This helps avoid future disputes or penalties.

For case-specific guidance, it’s best to consult a tax professional or use the resources available on the Income Tax portal.