Filing of Income Tax Return for 2021-2022 Assessment Year

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The Income Tax Department has introduced a new form, ITR-U, allowing taxpayers to file updated income tax returns for the financial years 2019-20 and 2020-21. This form requires taxpayers to provide specific reasons for revising their returns, such as underreporting income or claiming incorrect deductions. The ITR-U form can be filed online via the ITD portal within two years of the relevant assessment year's end.

CA. Ratan Kumar Rana

CA. Ratan Kumar Rana (Querist)
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10 May 2022 What about ITR U as per CBDT notification no. 48/22 dated 29.04.2022

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 May 2022 Yes, ITR U can be filed now.
How to File ITR-U Form
A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the financial year 2019-20 and 2020-21.

ITR-U form can be filed within two years from the end of the appropriate assessment year. Taxpayers will have to provide proper reasons for revising the income return not already filed or not reporting the income correctly or choosing the wrong heads of income or reducing carried forward loss.

The reasons include shortfall in unabsorbed depreciation or decrease in tax credit under section 115JB/115JC of incorrect rate of tax or other reasons the taxpayer delivered.

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