ITR FORM-U
Summary(Updated Return)
♦ Form Notified on 29th April, 2022
♦ Dealt under section 139(8A) and Rule 12AC of Income Tax rules.
♦ Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. A taxpayer would be able to file only one updated return for each assessment year.
♦ Cases in Which ITR-U Can be Filed:
- Return Previously not filed.
- Income not reported correctly
- Wrong Heads of Income Choosen
- Reduction of Carried forward losses
- Reduction of unabsorbed Depreciation
- Reduction of Tax Credit u/s 115JB/115JC
- Wrong rate of tax
♦ Cases in which ITR-U Form Can Not be filed:
- NIL Return
- Loss Return
- Increase in Refund/Claiming of Refund
- Search/Survey/Prosecution Proceedings are Initiated for said A.Y.
- Assessment/Reassessment/Revision/Recomputation is Pending or Completed for Said A.Y.
CRUX: Act does not Allow the Taxpayers to file the updated return if there is no additional tax outgo.
♦ Late fees and Additional Fees will also be Charged
♦ Challan Details (Additional Payment) dealt Under Section 140B.
♦ How to verify the Updated return:
- For Tax Audit Cases: Digital Signature
- For Non-Tax Audit Cases: EVC Option will be Available
- Courier to Bangalore option has not specified yet.
♦ Additional Interest Payment:
Taxpayer has to pay an Additional Interest on tax Due Amount:
| S.no | Particulars | Rate of Interest |
| 1. | If Updated ITR is filed Within 12 Months From end of Relevant A. Y | 25 % |
| 2. | If Updated ITR is filed After 12 Months But before 24 Months From end of Relevant A. Y | 50% |
♦ Government Approach
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The government is attempting to furnish an opportunity to the assessee to reveal their income which is omitted to be shown previously while on the other side it would generate more revenue for the government. This would optimize the compliance to the assessee in a litigation-free environment
Author Bio
In the original return filed, assesse did not claim deductions and have zero tax payable. Can we claim deductions which are not previously reported in original return in ITR-U? Can ITR-U replace the original return.
Please note, in ITR-U there is additional tax and not the case of refund.
For assessent year 2022-23 I had applied ITR1 since there is loss of option trading.Can I apply in ITR3 instead of ITR1
Hello Sir,
Can you tell me if I failed to file a return of income for FY 2020-21 AY 2021-22 in which a refund is to be claimed (also refund show in Form 16) whether I can opt for ITR-U along with relevant ITR Form? Regards
Prabin
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When can we file itr u online
how to file ITR -U
ITR for previous years not filled Pvt.ltd.company doing no operation having No income how to filled ITRU for compliance
Hello Prateek,
Can you tell me if I failed to file a return of income for FY 2020-21 AY 2021-22 in which a refund is to be claimed whether I can opt for ITR-U along with relevant ITR Form?
Regards
CA. Harsh Arora
I just try to fill itr -u, if having any refund and income less then 250,000/- we can not file the ITR -U, Only more then 250000/- income with no any refund can do it and also you can carrey fwd refund amount to next fiscal year.