NEW ITR FORM-ITR-U, Updated Return –

CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 – NEW ITR FORM-ITR-U, also known as Updated Return. Updated returns can be filed from the assessment year 2020-21 onwards. The return shall be filed in form no. ITR-U along with applicable ITR form from ITR-1 to ITR-7.

NEW ITR FORM-ITR-U-updated return

Any person, Whether or not he has furnished an original return, belated return, or revised return, may furnish an updated return of his income till 24 months from the end of the assessment year. But when he cannot file an updated return-

👉 If the updated return is a loss,

👉 If updated return will decrease the total tax liability declared earlier,

👉 If an updated return results in a refund or increases the refund filed earlier,

👉 If the search has been initiated u/s 132 or books of account or assets are requisitioned u/s 132A or a survey has been conducted u/s 133A,

👉 If any proceeding for assessment or reassessment or recomputation or revision of income is pending or has been completed for that assessment year. Any prosecution proceedings pending or information received under an agreement referred to in sections 90 or 90 A in respect of the person and same has been communicated to him.

Amount of Additional Tax Required to Pay – (In addition to Normal Tax, Normal Interest, Normal Late Fees) –

👉 Return furnished after the expiry of time limit for revised return or belated return but before completion of a period of twelve months from the end of the relevant assessment year–25% of the aggregate of tax and interest payable.

👉 Return furnished after the expiry of twelve months from the end of the relevant assessment year but before the expiry of twenty-four months at the end of the relevant assessment year–50% of the aggregate of tax and interest payable.

⦁ So, now you can file your ITR for FY 2019-20 in case you missed it. However, you can’t file a NIL Return or claim an increased refund or claim an increased refund or for a reduction in tax liability.

⦁ ITR Form as applicable will also need to be filled along with ITR-U.

⦁ For Filing updated return of Income relating to the financial year 2019-20 onwards.

Contact us for filing Income Tax Return, Updated Return, Income Tax Advisory, Tax Planning, and other activities.

Fill in your details and our team will get back to you.

Sharing is caring!

Your email address will not be published. Required fields are marked *

*