CA Piyush Agarwal
Quick Summary
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 additio
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FAQ :
Form ITR-U is for filing an 'Updated' income tax return, allowing taxpayers to correct errors or omissions in their previously filed Income Tax Returns (ITRs).
The concept of an updated return was introduced in the Union Budget 2022.
Taxpayers can file an updated ITR within two years of filing their original return.
To file an updated ITR, taxpayers must pay the additional taxes due on the updated income.
No, the Income Tax Act does not allow taxpayers to file an updated return if there is no additional tax outgo.
If a taxpayer files an updated return but does not pay the required additional taxes, the return will be considered invalid.
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