CA.Sangam Aggarwal
Quick Summary
ITR-U Form Introduction Taxpayers who had missed filing their ITR and in some cases taxpayer discover some omissions or mistakes in their ITR already filed and want to alter some information but they are unable to do so after 31st Dec of the next year. Income tax department under sections 139(
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FAQ :
The ITR-U form is an updated Income Tax Return that allows taxpayers to correct mistakes or report omitted income in their original, belated, or revised returns.
An ITR-U can be filed within 24 months from the end of the relevant assessment year. For example, the return for FY 2021-22 can be updated until March 31, 2024.
Taxpayers who have made an error or omitted specific income details in their original, belated, or revised return are eligible to file an ITR-U.
Individuals cannot file an ITR-U if they are submitting a nil or loss return, if it reduces their total tax liability, or if search, survey, seizure proceedings have been initiated, or if assessment/reassessment is pending, or if certain other legal proceedings are involved.
An additional tax of 25% of the further tax plus interest is payable if the ITR-U is filed within 12 months from the end of the concerned assessment year. If filed within 24 months, it is 50% of the further tax plus interest.
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