What is Belated, Revised and Updated ITR’s and Difference Between them?

The deadline for submitting your Income Tax Return (ITR) for the fiscal year 2022-23 has passed. However, there are some circumstances in which you can still file your ITR. If you filed your ITR but forgot to report a portion of your income, you can file a revised return. If you haven't filed your ITR, you can file a late return. There is also space to make changes to an already-filed return. Let's take a closer look at each of the return types and the difference between them.

What is Belated ITR?

A taxpayer who fails to file an income tax return by the deadline may file a belated return at a later date. A belated ITR is one that is filed after the due date, whereas a regular ITR is one that is filed before the due date. Belated ITRs can be filed voluntarily up to March 31 of the assessment year, after the normal deadline. However, in that case, there will be a penalty, as well as other charges, for filing the belated ITR.

What is a revised ITR?

A revised ITR return allows taxpayers to correct an error that occurred when they filed their original return. Filing a revised return simply means submitting a new return with the correct information. When filing a revised return, keep in mind that you will need to enter the details from the original return.

What is an updated ITR?

Section 139(8A) of the Income Tax Act contains the provision for an updated return. In the event of errors or omissions, taxpayers can update their ITRs within two years of filing by paying additional taxes. The taxpayer must file an updated return within 24 months of the relevant assessment year.

Difference between belated, revised and updated ITR?

• Belated ITR can be filed under Section 139(4) of the Income-tax Act whereas revised ITR is filed under Section 139(5) and updated ITR can be filed under Section 139(8A) of the Income-tax Act.
• Belated ITR can be filed by the person who has failed to file an ITR whereas revised ITR allows to correct the mistake made in filing the ITR and updated ITR allows to update the ITR in case of any error.
• The last date to file a revised ITR and belated ITR is the same whereas an updated ITR can be filled within 24 months of the relevant assessment year.