How to file itr u

Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted or you have forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed to file ITR-U in order to optimize their Who Can File Updated Income Tax Return Form? Individuals who have made an error or overlooked certain income details can file an updated income tax return for any of the following: • Belated Return • Income Return • Revised Return An Updated Income Tax Return can be filed in the following cases: • Taxpayers Missed the Due and Last Date • Income Details Not Correct • Select the Wrong Head of Income • Taxes Paid at the Wrong Income Tax Slab Rate • Carried Forward Losses Reduction • Unabsorbed Depreciation Reduction • Tax Credit Reduction Under Section 115JB/115JC Deadline for Filing ITR-U Form From the end of the specific assessment year onwards, an updated Income tax return (ITR-U) can be furnished within 24 months. For example, for The A.Y. 2021-22, an updated return can be filed by 31 March 2024. Why You Should Choose Genius Tax Software for ITR-U Filing? Genius software offers several advanced facilities which help to file the ITR-U form in a proper way. The software has the ability to make backups, restore data, set a password, etc. XML/ JSON files can also be imported by the client which is another good feature. CA pr...

ITR filing comes with a due date, if we do not file the ITR within the due date, we can file a belated ITR by paying a late fee. Further, there is also a last date to file the ITR for a particular year. For instance, Individual ITR filing for FY 2021-22 had a due date of 31 st July 2022, and a belated ITR could have been filed up to 31 st December 2022 (which was the last date to file ITR for FY 21-22). So, how do we file the ITR for FY 2021-22 after the last date has passed and how could we file the ITR for FY 19-20 & FY 20-21. This article will discuss how one can file ITR after the last date, what are the conditions & eligibility criteria Page Contents • • • • • • • • • • Q.1 How can we file the ITR? Ans. Section 139(8A) was introduced in the Income tax act to provide for filing the ITR after the date has passed. It also provides for updating an already filed ITR. That is why the ITR form is popularly known as Updated ITR form or ITR-U Q. 2 Can we file ITR for any past year? Ans. No, ITR for any past year cannot be filed. ITR for FY 19-20, 20-21 & 21-22 can be filed using ITR-U. It allows to file the ITR within 24 months from the end of relevant AY. So, ITR for FY 19-20 can be filed up to 31 st March 2023 & so on. Q.3 What are the situations under file the ITR-U? Ans. It can be filed under the following situations: a. Where ITR isn’t filed previously b. Where ITR was filed but there were some errors/omissions such as • Misreporting of income • Incorrect income head was ...

A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the financial year 2019-20 and 2020-21. ITR-U form can be filed within two years from the end of the appropriate assessment year. Taxpayers will have to provide proper reasons for revising the income return not already filed or not reporting the income correctly or choosing the wrong heads of income or reducing carried forward loss. Latest Update 16th March 2022 • The last date to file the ITR-U form for AY 2020-21 is 31st March 2023, as per a tweet by CBDT. 26th August 2022 • Approximately 1 lakh taxpayers have filed ITR-U form along with around INR 28 crores tax collection as per the income tax department. 9th July 2022 • For tax forms, ITR 2 & 3 for AY 2020-21 and AY 2021-22, E-filing using Excel has also been enabled under section 139(8A). 27th June 2022 • Updated ITRs u/s 139(8A) can be filed electronically using the Excel utility for ITR 1 and 4 for AY 2020-21 and AY 2021-22. Details can be found in the News section. The same can be downloaded by clicking downloads after clicking the respective AY folder. The XML/JSON file can be uploaded to the Income-tax website once the Updated ITR is prepared Need Demo of Best ITR E-filing Software The reasons include shortfall in unab...

Updated ITR Filing 2022: The Income Tax Department recently announced a new form for filing of Updated Income Tax Returns. A new concept of updated return was introduced in Budget 2022. It allows taxpayers to amend their ITRs within two years from the end of the relevant assessment year. The new provision is expected to help taxpayers who often commit errors or make some omissions while filing ITR. Here are 10 things you should know about the Updated ITR filing: Can you change tax regime while filing Income Tax Return (ITR)? 2. Taxpayers are not required to provide a break up of the income reported in the ITR (Updated). 3. Taxpayers can now use the new form ITR-U to file the updated income tax return for financial years 2019-20 and 2020-21. ALSO READ | 4. Certain taxpayers are required to file the Updated ITR electronically using a digital signature or an electronic verification code. The taxpayer has to file the ITR Forms of the relevant assessment year and submit it along with the new ITR-U. 5. The ITR-U has to be filed within two years of the end of the relevant assessment year. For doing this, taxpayers are also required to provide reasons for updating the ITR. According to Tax2Win, the reasons for filing ITR-U may be many, including previous return not filed, income not reported correctly , wrong heads of income choses, reduction of a carried forward loss etc. 6. A taxpayer has to pay an additional 25 percent tax and interest due if updated ITR is filed within a year ...

In case you are applying for a visa processing, loan or credit card, and insurance, you are required to furnish the copy of three years of tax return. A typical problem would arise if the income tax return (ITR) in any of the previous years remained unfiled. The maximum you could arrange is an ITR copy of the current year. In the Finance Bill, 2022, a new Section 139(8A) was inserted in the Income-Tax Act, 1961 (ITA). Any individual can file an updated tax return for the last two financial years, as per this provision. Can you change tax regime while filing Income Tax Return (ITR)? The timeline to file Form ITR-U is within 24 months from the end of the relevant assessment year (AY). For example, the AY for FY 2019-20 ends on March 31, 2021, so you can file Form ITR-U for the said year up to March 31, 2023. Applicability for Filing of Form ITR-U You will be required to give reasons for filing Form ITR-U. These reasons could be previous returns not filed and tax payable, missed reporting certain incomes, wrong heads of income chosen, reduction of carry forward losses, reduction of unabsorbed depreciation, reduction of tax credit under Section115JB/115JC, or wrong rate of tax, among others. The Form ITR-U cannot be filed in case of nil return, loss return, increase in a refund, or claiming of refund. Also, it cannot be filed if search, survey, or prosecution proceedings are initiated for the said AY. Further, in case of assessment, reassessment, revision, or recomputation is ...

Last date to file ITR-U for FY 2019-20 is 31 March 2023 The government has introduced the concept of updated return in Income Tax Act in Union Budget 2022. Section 135(8A) of the Income Tax Act provides provision of updated return. According to this provision the taxpayer are now allowed to update their ITR within two years of filling, in case of errors and omissions. The notification has been released by the government amend the Income Tax rule. The new rules of Income Tax specify the form in which the return needs to be updated and the manner of verification. In the form ITR-U, the assessee needs to disclose only the amount of extra income, under the prescribed income heads, on which additional tax is required to be paid. No detailed income break-up needs to be reveals, like in the case of filing regular ITR forms. The assessee must also specify the particular reason for filing the updated return in ITR-U. Further, it is required to mention the challan details for the additional tax paid for the updated return. What is the Period for filling ITR – U? The Income Tax provisions related to ITR-U are applicable from 1 st April 2022. The due date of filing ITR-U is 24 months from the end of the relevant assessment year. For example; for the current assessment year 2022-23, you can file ITR-U for AY 2020-21 and AY 2021-22. Thus, the due date to file updated Return in form ITR-U for AY 2020-21 is 31 st March 2023 Who are eligible for Filing Form ITR-U? Person eligible to update...

Last date to file ITR-U for FY 2019-20 is 31 March 2023 The government has introduced the concept of updated return in Income Tax Act in Union Budget 2022. Section 135(8A) of the Income Tax Act provides provision of updated return. According to this provision the taxpayer are now allowed to update their ITR within two years of filling, in case of errors and omissions. The notification has been released by the government amend the Income Tax rule. The new rules of Income Tax specify the form in which the return needs to be updated and the manner of verification. In the form ITR-U, the assessee needs to disclose only the amount of extra income, under the prescribed income heads, on which additional tax is required to be paid. No detailed income break-up needs to be reveals, like in the case of filing regular ITR forms. The assessee must also specify the particular reason for filing the updated return in ITR-U. Further, it is required to mention the challan details for the additional tax paid for the updated return. What is the Period for filling ITR – U? The Income Tax provisions related to ITR-U are applicable from 1 st April 2022. The due date of filing ITR-U is 24 months from the end of the relevant assessment year. For example; for the current assessment year 2022-23, you can file ITR-U for AY 2020-21 and AY 2021-22. Thus, the due date to file updated Return in form ITR-U for AY 2020-21 is 31 st March 2023 Who are eligible for Filing Form ITR-U? Person eligible to update...

A new form for filing updated IT returns has been announced by the Income Tax Department. In this form, taxpayers should provide the reason for filing and the portion of income to be allowed for taxation purposes. ITR-U is the new form and taxpayers can use it to file updated income tax returns for the financial year 2019-20 and 2020-21. ITR-U form can be filed within two years from the end of the appropriate assessment year. Taxpayers will have to provide proper reasons for revising the income return not already filed or not reporting the income correctly or choosing the wrong heads of income or reducing carried forward loss. Latest Update 16th March 2022 • The last date to file the ITR-U form for AY 2020-21 is 31st March 2023, as per a tweet by CBDT. 26th August 2022 • Approximately 1 lakh taxpayers have filed ITR-U form along with around INR 28 crores tax collection as per the income tax department. 9th July 2022 • For tax forms, ITR 2 & 3 for AY 2020-21 and AY 2021-22, E-filing using Excel has also been enabled under section 139(8A). 27th June 2022 • Updated ITRs u/s 139(8A) can be filed electronically using the Excel utility for ITR 1 and 4 for AY 2020-21 and AY 2021-22. Details can be found in the News section. The same can be downloaded by clicking downloads after clicking the respective AY folder. The XML/JSON file can be uploaded to the Income-tax website once the Updated ITR is prepared Need Demo of Best ITR E-filing Software The reasons include shortfall in unab...

In case you are applying for a visa processing, loan or credit card, and insurance, you are required to furnish the copy of three years of tax return. A typical problem would arise if the income tax return (ITR) in any of the previous years remained unfiled. The maximum you could arrange is an ITR copy of the current year. In the Finance Bill, 2022, a new Section 139(8A) was inserted in the Income-Tax Act, 1961 (ITA). Any individual can file an updated tax return for the last two financial years, as per this provision. Can you change tax regime while filing Income Tax Return (ITR)? The timeline to file Form ITR-U is within 24 months from the end of the relevant assessment year (AY). For example, the AY for FY 2019-20 ends on March 31, 2021, so you can file Form ITR-U for the said year up to March 31, 2023. Applicability for Filing of Form ITR-U You will be required to give reasons for filing Form ITR-U. These reasons could be previous returns not filed and tax payable, missed reporting certain incomes, wrong heads of income chosen, reduction of carry forward losses, reduction of unabsorbed depreciation, reduction of tax credit under Section115JB/115JC, or wrong rate of tax, among others. The Form ITR-U cannot be filed in case of nil return, loss return, increase in a refund, or claiming of refund. Also, it cannot be filed if search, survey, or prosecution proceedings are initiated for the said AY. Further, in case of assessment, reassessment, revision, or recomputation is ...

Simple Meaning of ITR-U Form Has your ITR ever been misinterpreted or you have forgotten to report an income? Within two years, you can update your Income Tax Return (ITR U) under section 139(8A) of the Income Tax Act. It is calculated two years from the date of filing the original return. Taxpayers were instructed to file ITR-U in order to optimize their Who Can File Updated Income Tax Return Form? Individuals who have made an error or overlooked certain income details can file an updated income tax return for any of the following: • Belated Return • Income Return • Revised Return An Updated Income Tax Return can be filed in the following cases: • Taxpayers Missed the Due and Last Date • Income Details Not Correct • Select the Wrong Head of Income • Taxes Paid at the Wrong Income Tax Slab Rate • Carried Forward Losses Reduction • Unabsorbed Depreciation Reduction • Tax Credit Reduction Under Section 115JB/115JC Deadline for Filing ITR-U Form From the end of the specific assessment year onwards, an updated Income tax return (ITR-U) can be furnished within 24 months. For example, for The A.Y. 2021-22, an updated return can be filed by 31 March 2024. Why You Should Choose Genius Tax Software for ITR-U Filing? Genius software offers several advanced facilities which help to file the ITR-U form in a proper way. The software has the ability to make backups, restore data, set a password, etc. XML/ JSON files can also be imported by the client which is another good feature. CA pr...