Category: Income Tax | Read Time: 3 Mins

In Whitefield:

There are huge number of experts for your Accounting needs. Each locality has several CA's and the organization has made them well polished in such a way that the delivery of their work is Tremendous. One of those firms is us and know about us below:

Did you miss the deadline for filing your revised or belated Income Tax Return (ITR)? 

The Income Tax Department has confirmed that the due date for these filings has not been extended past December 31st.

However, all is not lost. If you still need to file, the Updated Return (ITR-U) is now your primary solution.

What You Need to Know About ITR-U:

The Cost: You can file an Updated Return, but it comes with an additional tax liability of 25% on the tax and interest due.

Availability: Excel utilities for filing ITR-1 through ITR-7 for FY 2024-25 are already live on the e-filing portal.

Important Restrictions: You cannot file an Updated Return if you intend to:

Declare a loss.

Lower your existing tax liability.

Claim a refund or increase an existing refund.

Why Professional Help Matters Filing an ITR-U is technically complex because it bars you from claiming refunds or losses. One wrong calculation can lead to rejected forms or further notices.

Get Expert Help: 

At Kopparam and Associates, we handle complex tax filings daily. Visit us to get your ITR-U filed by the best experienced hands in the industry. We ensure your compliance is handled with precision and expertise.

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