ITR filing last date for FY 2019-20: How much additional tax do you need to pay?
ITR filing last date for FY 2019-20: An updated income tax return or ITR-U is a form that allows taxpayers to file the ITR or to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return
ITR filing last date for FY 2019-20: The deadline to file an updated income tax return (ITR-U) for FY 2019-20 is 31 March 2023. The Finance Act of 2022 introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income. Taxpayers who have missed reporting any income can file an ITR-U. “In the Union Budget 2022, the government introduced the ITR U form for updating income tax returns. The ITR-U form is a rescue for those who have not filed their ITR or made inaccurate and false entries while filing their income tax returns. For instance, for FY 2019-20 (AY 2020-21), an updated return can be filed by 31 March 2023," said Abhishek Soni, Co-founder & CEO of Tax2win.