š¦ Missed Income Tax Return (ITR) filing for previous Financial Years?
- CA. Sachet Agarwal
- Mar 7
- 2 min read
Many Indian Seafarers' may have missed filing their Income Tax Return (ITR)Ā for previous financial years. There can be multiple reasons such as:
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Ā šOnboard during the due date of filing ITR,
Ā šLack of knowledge and lack of awareness,
Ā šNot able to find the right Chartered Accountant (CA) / Lawyer who have proper knowledge about Seafarers' taxation, etc.
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š² As a result, many Seafarers' have received notices from the Income Tax Department under section 133, 142, 143 and 148 of the Income Tax Act, 1961. Many Seafarers' have faced attention of the Income Tax Department by receiving notices under e-Campaign. All of these lead to unnecessary tax burden on Seafarers' merely because of non filing of ITR.
š¢ What is ITR U?
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The concept of ITR-U was introduced in the union budget 2022 to give one more chance to file ITR for those who have missed filing or to rectify the mistakes made while filing the ITR.
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Thus, ITR-U is a rescue for those Seafarers who have not filed their ITR or made inaccurate and false entries while filing their ITR.
š¢ ITR-U can be filed for which financial years (FY)?
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ITR-U can be filed for FY 2021-2022, FY 2022-23 & FY 2023-24. However, please note that ITR-U for FY 2021-22 can be filed till 31st March 2025 only.
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š¢ Ā Will there be penalty / late filing fees for filing ITR-U?
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Yes, there will be penalty / late filing fees for filing ITR-U of previous financial years which will be ranging from INR 1,000/- to INR 5,000/-.
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Ā š¢ Benefits of filing ITR-U by Seafarers'?
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Penalty under ITR-U is much much less than paying penalty at the time of receiving notices or opening of proceedings for undisclosed income or income escaping assessment.
š± Received this emailĀ from the Income Tax Department and wondering what should be done?
š Well, no need to worry. We have got your back.
File ITR-U for previous financial years now with our team of expert Chartered Accountants (CA's) and Lawyers filing ITR of more than 1,000 Seafarers'Ā of India!
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