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Unitax Law Associates

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Unitax Law Associates

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Missed Income Tax Return Filing?

Don’t worry! now you can filed your missed Income tax return for last 3 year using updated ITR form or ITR-U. File your ITR for AY 2023-24, AY 2024-25. And AY 2025-26 using regular forms

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What is ITR-U ?

ITR-U is the form that allows Taxpayers to file and update their Filed ITR Under Section 139(8A) of the Income Tax Act. It allows you a chance to update or File your ITR within two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to optimise tax compliance by taxpayers without provoking legal action. Read on to learn more about ITR-U. Using this form you can file ITR for A.Y. 2023-24 and A.Y. 2024-25.

Who is not eligible to file ITR-U?

ITR-U cannot be filed in the following cases:

1) Updated return is already filed
2) For filing nil return/ loss return
3) For claiming/enhancing the refund amount.
4) When updated return results in lower tax liability
5) Search proceeding u/s 132 has been initiated against you
6) A survey is conducted u/s 133A
7) Books, documents or assets are seized or called for by the Income Tax authorities u/s 132A.
8) If assessment/reassessment/revision/re-computation is pending or completed.
9) If there is no additional tax outgo (when the tax liability is adjusted with TDS credit/ losses and you do not have any additional tax liability, you cannot file an Updated ITR)

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If you need legal advice or representation for your business, we are here to help. Contact us today to schedule a consultation with one of our experienced attorneys.

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What is the Due Date to file ITR-U or Back Year ITR ?

ITR-U or Back Year ITR filing deadlines are 24 months from the conclusion of the relevant assessment year.

You can therefore file ITR-Us for AY 2022-23 and AY 2023–24

Should you pay additional tax when filing ITR-U ?

Yes, you will have to pay an additional tax of 25% or 50% on the tax amount

ITR Filled in 12 months from the end of relevant AY

25% of additional tax + interest

ITR Filled in 24 months from the end of relevant AY

50% of additional tax + interest

BENIFITS OF INCOME TAX RETURN

Get Your Deducted Money Back

You can Get your TDS or TCS back By filing your ITR

Get High Value Insurance Policy

With ITR you can get high value insurance

Get Loans Easily

By filing your ITR you can get loans very easily

Get Your Visa Stamped

ITR help you to get your visa stamped easy

Feel Good Factor

By filing ITR you are contributing for our country.

Our Helping Partners

LEGAL EXPERTISE YOU CAN RELY ON

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The Advocates Act, 1961,the rules framed by Bar Council of India and Bar Council of Punjab And Haryana, do not permit advertisement or solicitation by Advocates in any form or manner.

This website www.unitaxlaw.com and the contents thereof are merely for informational purposes and not in the nature of solicitation or an advertisement. Similarly, any matter / information / content posted by Unitax Law Associates on this website shall not be construed as legal advice and cannot be substituted by the advice of a legal practitioner. Unitax Law Associates takes no liability for consequences of any action taken by you relying on the matter/ information / content posted on this website.

By entering this website, you confirm and acknowledge that you have voluntarily sought the information relating to and/or posted by Unitax Law Associates and there has been no solicitation / advertisement / inducement by either Unitax Law Associates and/or its partners and/or its members.

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