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The last date to file the ITR for FY 2023-24 without a late fee is July 31, 2024. The return you will file in 2024 is for the income you earned in the period between April 1, 2023, and March 31, 2024.
If you have missed the income tax return (ITR) filing deadline of July 31, 2023, then you have time till December 31, 2023 to file a belated ITR. Also, if there is a mistake in the belated or original ITR, then also you can file revised ITR. The last date to file belated and/or revised ITR is December 31, 2023.
An updated return can be filed at any time within 24 months from the end of the relevant assessment year.
The Budget 2022 amended the income tax laws to allow a taxpayer to file updated return using ITR-U form. However, the income tax laws has clearly defined the instances where a taxpayer can and cannot file updated return. The aim of allowing taxpayers to file updated return is to increase the voluntary compliances and avoid litigation.
The income tax laws allow an individual to file updated return. The concept of updated return was introduced in the Union Budget 2022 to allow individuals rectify their mistake made while filing ITR or to allow one more chance to individuals to file ITR if they have not filed ITR previously.