Quick Summary
Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said on Sunday. The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and a
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FAQ :
Over 1.55 lakh updated Income Tax Returns (ITRs) have been filed up to September 2, 2022.
An updated ITR is a form (ITR-U) introduced to allow taxpayers to correct or update previously filed income tax returns.
An additional 25% of the due tax and interest must be paid if the updated ITR is filed within 12 months. This increases to 50% if filed after 12 months but before 24 months from the end of the relevant Assessment Year.
The ITR-U form is available for filing updated returns for the fiscal years 2019-20 and 2020-21.
Taxpayers must state the exact reasons for filing the updated ITR and the amount of income they are offering to tax.
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