Last Chance to Correct Your Taxes: File Updated ITR by March 31, 2025 to Avoid Higher Penalties
Taxpayers have until March 31, 2025, to file an updated ITR under Section 139(8A) and correct past filing errors with lower additional tax
The Income Tax Department is urging taxpayers to make use of the Updated Income Tax Return (ITR) facility under Section 139(8A) of the Income Tax Act, 1961, before the deadline of March 31, 2025. This provision gives individuals and businesses a final opportunity to correct past tax filing errors or file previously missed returns with the benefit of lower additional tax liability,...
The Income Tax Department is urging taxpayers to make use of the Updated Income Tax Return (ITR) facility under Section 139(8A) of the Income Tax Act, 1961, before the deadline of March 31, 2025. This provision gives individuals and businesses a final opportunity to correct past tax filing errors or file previously missed returns with the benefit of lower additional tax liability, provided certain conditions are met.
Who Should Consider Filing an Updated ITR?
You may be eligible to file an Updated Return in the following cases:
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- If you failed to file your ITR in the relevant assessment year.
- If the extended due date for filing a belated return has passed.
- You can update your ITR if:
- You under-reported your income or disclosed it under the wrong head.
- You paid tax at an incorrect rate.
- You need to reduce carry-forward losses or unabsorbed depreciation.
- You need to revise MAT/AMT credits.
- If you've received a notice under Section 133(6) seeking clarification on claimed exemptions or deductions, and are unable to justify them.
- If you've mistakenly claimed a deduction or exemption that you're not entitled to, this is your chance to set the record straight voluntarily.
Why March 31, 2025, Matters
The facility to file an updated ITR is available only until March 31, 2025, for relevant assessment years. Filing within this window can help you avoid higher penalties, interest, or legal scrutiny in the future. For assistance, taxpayers can contact the Income Tax helpline at 1800 103 0025.
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