Section 139(8A) of IT Act: ITR-U (Updated Income Tax Return)

CA Piyush Agarwal | Last updated: 16 May 2022

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Quick Summary

The Income Tax Department has introduced Form ITR-U, allowing taxpayers to file an updated income tax return. This provision, introduced in the Union Budget 2022, permits corrections to ITRs within two years of the original filing, provided an additional tax is paid. However, an updated return cannot be filed if no additional tax is due.

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 can file an updated ITR

Who cannot 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