ITR U for 21-22

This discussion explores the nuances of filing an Updated Return (ITR U) for Assessment Year 2021-22, particularly when the taxpayer inadvertently forgot to disclose long-term capital gains. A key point of contention is whether an ITR U can be filed to claim a refund, especially if additional tax is due to the new disclosure. While some argue ITR U is primarily for paying tax, others suggest that the late fee under Section 234F effectively covers additional tax, allowing for a refund outcome. The consensus leans towards needing to increase tax liability to file an ITR U for a refund, potentially through condonation of delay if no original return was filed.