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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