You can file an updated Income Tax Return (ITR-U) for previous years, even after the belated return deadline has passed.
An Updated Return can be filed in the following cases:
- Missed filing your return
- Income wasn't declared correctly
- Chose wrong head of income
- Paid tax at the wrong rate
- To reduce the carried forward loss
ITR-U can be filed for the last two financial years or the current year after the due date.
Right now, ITR-U isn’t supported on Quicko, but you can still prepare your ITR on Quicko and file it using the income tax utility.
Steps to prepare ITR-U on Quicko
- Navigate to File and start the ITR
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- Prepare the ITR, clear all validations, and download the ITR JSON without paying taxes yet
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Steps to file ITR-U using income tax utility
- Import the downloaded JSON into the Income Tax Utility
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- In the PART A General sheet, change File u/s as 139(8A)
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- Go to PART A GEN 139(8A) sheet and enter the required details
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- In PART B- TI, TTI, review the income and tax calculations
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- Make the tax payment and add challan details under Part B ATI
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- Generate the JSON and proceed with filing on the Income Tax Portal
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You cannot claim a refund or carry forward losses when filing an updated return.
If you still have any further queries, you can raise a ticket to get in touch with us.