Name: Belated Income Tax Return (ITR-U) Filing -
Brand: Income tax
SKU: CM-34
Availability: InStock

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Belated Income Tax Return (ITR-U) Filing

Overview

Belated Income Tax Return (ITR-U) Filing allows taxpayers to rectify missed or incorrect tax filings by submitting an updated return. This facility helps individuals and businesses avoid penalties and remain compliant with income tax laws.

What is ITR-U?

Belated Income Tax Return (ITR-U) Filing is a form submitted under Section 139(8A) of the Income Tax Act to update your Income Tax Return (ITR) even after the original deadline has passed. It allows you to:

Correct errors or omissions: Fix mistakes in your previously filed ITR like income figures, deductions, or calculations.
Declare additional income: Add income sources you may have missed in your original return.
Claim additional deductions or exemptions: Claim deductions or exemptions you were eligible for but didn't include before.
Respond to queries from the tax department: Address any discrepancies raised by the department regarding your original return.

Benefits of filing ITR-U:

Avoid penalties: Correcting errors before the department identifies them prevents potential penalties for incorrect reporting.
Reduced tax liability: Claiming additional deductions or exemptions can lower your tax burden.
Maintain compliance: Demonstrates proactive efforts to rectify mistakes and uphold tax regulations.
Flexibility: Offers a second chance to update your return within a specific timeframe.

Who can file ITR-U?

Any taxpayer who has filed an ITR for a particular assessment year can file ITR-U for that year, regardless of whether it was an original, belated, or revised return.

Limitations of ITR-U:

Timeline: You can only file ITR-U within 24 months from the end of the relevant assessment year.
Additional tax: You will be charged an additional tax on the tax and interest due from the date of original filing, depending on when you file ITR-U:
- 25% if filed within 12 months from the end of the assessment year.
- 50% if filed after 12 months but within 24 months.
No change in income exceeding 1%: You cannot use ITR-U to increase your total income by more than 1% compared to your original return.

Important points to remember:

Keep supporting documents ready for any changes you make in the ITR-U.
Pay the additional tax along with the revised return electronically through the e-filing portal.
The department will process your ITR-U and issue a revised assessment order reflecting the changes.

Document Required

Professional Fees

₹1,000.00 – ₹5,000.00

Additional Cost

Process time

⏳ Processing Time: Belated ITR will be generally uploaded within 24 hrs of acceptance of work, depending on document verification and tax computation.

Steps

⏬ Step 1: Tax Review & Consultation – We assess your missed ITR details and income sources.

⏬ Step 2: Document Collection & Verification – We gather your financial records, deductions, and pending tax details.

⏬ Step 3: Tax Computation & Adjustment – We recalculate tax liability, missed deductions, and penalties (if any).

⏬ Step 4: Drafting the Belated ITR/ITR-U – We prepare an accurate tax return with necessary corrections.

⏬ Step 5: Approval & Submission – After your confirmation, we upload the belated ITR with the Income Tax Department.

⏬ Step 6: Acknowledgment & Tracking – We provide an ITR acknowledgment and track the submission status.

FAQ

What is a Belated ITR?
A Belated ITR is a late-filed tax return after the original due date but within the extended time limit.

👉 What is ITR-U?
ITR-U is an updated return that allows taxpayers to rectify errors or omissions within 2 years.

👉 Can I claim deductions in a belated return?
Yes, but you cannot carry forward certain losses if filed late.

👉 Is there a penalty for filing ITR-U?
Yes, additional tax of 25% to 50% applies depending on when you file.

👉 Who can file an updated return (ITR-U)?
Anyone who missed filing or needs to correct past ITRs can file ITR-U.

👉 Can ITR-U be revised?
No, once filed, ITR-U cannot be revised.

👉 What happens if I don’t file ITR at all?
You may face penalties, tax scrutiny, and legal actions.

👉 Do salaried individuals need to file a belated ITR?
Yes, even salaried employees must file ITR if their income exceeds the exemption limit.

👉 How do I pay additional tax for ITR-U?
The tax payment must be cleared before filing the updated return.

👉 Can ITR-U be filed online?
Yes, Company Mitra assists in 100% online uploading for convenience.

👉 What documents are required for filing a belated return?
PAN, Aadhaar, income proofs, Form 16, investment details, and previous ITR copies (if applicable).

Compliances

Types of ITR Forms & Due Dates:
- ITR-1 & ITR-2 (Individuals) – 31st July
- ITR-3 & ITR-4 (Businesses & Professionals) – 31st July
- ITR-5 & ITR-6 (Firms & Companies) – 31st October
- ITR-7 (Trusts & NGOs) – 30th September
ITR-U can be filed within 2 years from the end of the relevant assessment year
Correct disclosure of missed income is mandatory
Late filing fees and interest on tax dues must be paid

Penalties

❌ Late Filing Fee: ₹1,000 to ₹5,000 under Section 234F.
❌ Additional Tax for ITR-U: 25% to 50% of due tax based on filing date.
❌ Interest on Pending Tax: 1% per month under Sections 234A/B/C.
❌ No Loss Carry Forward: Business losses cannot be carried forward if ITR is late.
❌ Legal Actions & Scrutiny: Non-filing may result in tax scrutiny & legal action.