ITR 2021-22: Everything you need to know about updated income tax return

The last date for filing the income tax return (ITR) for 2021-22 (FY22) is fast approaching. ITR 2021-22, the last date, has been fixed as July 31, 2022, by the Central Board for Direct Taxes (CBDT). However, mistakes are bound to happen while filing the return at the last minute.

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year. For example, for FY21, the updated ITR can be filed by March 31, 2023.

It was introduced to allow