The income tax department has notified Form ITR-U for filing the 'Updated' income tax return.
The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.
Who can file an updated ITR?
Who cannot file an updated ITR?
- It Means act does not allow the taxpayers to file the updated return if there is no additional tax outgo.
Other points
- If a taxpayer files an updated return but does not pay the additional taxes, the return will be considered invalid.
Additional interest payment
|
S. no. |
Particulars |
Rate of Interest |
|
1. |
If updated ITR is filed within 12 months from end of relevant AY(for FY 2020-21) |
25% on tax due amount |
|
2. |
If updated ITR is filed After 12 months but before 24 months from end of relevant AY (for FY 2019-20) |
50% on tax due amount |
Compiled by: CA Ayush Agarwal and CA Piyush Agarwal
CAclubindia
