Index Fund Corner
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| name of the scheme | 1-year returns | invest now | fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | invest now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | invest now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | invest now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | invest now | Equity: Mid Cap | 0.28% |
As per section 139(8A), individuals are allowed to file updated returns even if they have already filed original, delayed or amended returns.
If you are also among those who have missed the chance to file delayed or revised ITR within the extended deadline, don’t worry. You still have the option to file an updated return; However, with some penalties and restrictions.
Updated Income Tax Returns: How does it work?
Taxpayers can file updated returns for assessment year 2024-25 by March 31, 2027, if they missed the original filing date of July 31, 2024, the delayed date of December 31, 2024 and even the extended deadline of January 15. Are. , 2025. Additionally, those who have failed to file for assessment year 2022-23 or wish to rectify the errors can submit returns by March 31.
Apart from the eligible ones, there are some cases where taxpayers may not be allowed to submit updated income tax returns. Such examples include amended tax filings showing losses, reduced tax liability due to amended tax returns, increased refunds as a result of returns, ongoing investigations against the taxpayer, or any legal action initiated against him.
Those wishing to file updated returns will also have to pay fees or penalties in addition to paying the tax and interest due.
How to file updated income tax return?
1. Visit the e-filing website www.incometax.gov.in.
2. Add your user ID and password to log in to your account.
3. Find ITR-U form on the homepage to file updated return.
4. Once done, enter all the relevant details including the reason for filing the updated return.
5. Preview the form carefully, check the details and submit.
Taxpayers should note that they cannot file an updated return to reduce the tax liability in the original return or claim a refund.
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