ITR-U – Updated income tax return – Section 139(8A) of the Income Tax Act.

1. What is the period during which ITR-U can be filed?

For FY 2019-20 and FY 2020-21

2. How many times can a taxpayer update the income tax return in an assessment year ?

Only once in an assessment year

3. What details are required to be mentioned in ITR-U?

Amount of additional income under the prescribed income heads,

+

Exact reason for filing the updated return in ITR-U

4. Additional tax payment when filing their updated tax return?

  • Additional payment of Tax 25 % on the due tax and interest if the updated ITR is filed within 12 months
  • Additional payment of Tax 50 % if it is filed after 12 months but before 24 months from the end of relevant Assessment Year.

Taxpayers filing ITR-U will have to give reasons for updating the income:

  • Return previously not filed.
  • Income not reported correctly.
  • Wrong heads of income chosen.
  • Reduction of carried forward loss.
  • Reduction of unabsorbed depreciation
  • Reduction of tax credit u/s 115JB/115JC.
  • Wrong rate of tax.
  • Others

5. Who cannot file the updated return?

  • If search or survey or prosecution proceedings are initiated against the taxpayers for the relevant assessment year.
  • The updated return is a return of the loss.
  • The updated return is reducing the income tax liability from the return filed earlier
  • The updated return result increases the refund
  • The AO has information against such person under the Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Assets) and Tax Act or Benami Property Transactions Act or Smugglers and Foreign Exchange Manipulation Act and the same have been reported to the assessee.
  • Other Notified Person.

Author Bio

Qualification: CA in Practice
Company: GSPT & Associates
Location: DELHI, Delhi, India
Member Since: 28 Aug 2020 | Total Posts: 2
Mr. Komal Tyagi is Co-Founder partner of the GSPT & Associates LLP. He has qualified Chartered Accountancy (2018) with multiple distinction at Final Level. He is a graduate from Delhi University in 2013 & completed his master in Finance & Taxation. He has experience in the field of Dir View Full Profile

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