India, March 17 -- The Income Tax Act provision allows the tax payers to update or file their Income tax returns on payment of additional tax. It is issued in the object of providing an opportunity for voluntary compliance by tax payers who have missed filing their Income tax return for the FY 2021-22 (Assessment Year 2022-23).
The tax payers who have NOT filed their Income tax return for the Financial Year 2021-22 (Assessment Year 2022-23), can now file an Updated return in FORM ITR-U on or before 31.3.2025.
The tax payer has to pay an additional 50 percent of aggregate of tax payable and interest thereon due for the FY 2021-22
The tax payer cannot file an updated return where there is no additional outflow of tax, that is, NIL return c...