Itr u

The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. Commence from which Financial Year The return has to be filed Under Section 139(8A) relating to the Assessment Year commencing from 01.04.2020 and subsequent assessment years. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns from the Financial Year 2019-20. Eligibility of filing ITR-U Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income – • return previously not filed, or • income not reported correctly, or • wrong heads of income chosen, or • reduction of carried forward loss, or • reduction of unabsorbed depreciation, or • reduction of tax credit u/s 115JB/115JC, or • wrong rate of tax, or • any other reasons given by the taxpayers. Time limit of filing ITR-U The Budget 2022-23 has permitted taxpayers to update their ITRs within twenty four months from the end of the relevant assessment year. How many ITR-U can be filed A taxpayer would be permitted to file only one updated return per assessment year. How to verify the return The return can be verified only through a Digital Signature Certificate (DSC) in tax audit cases and filing of return by Electronic Verification Code (EVC) can be an alternative in non-tax audit cases. The option of verifi...

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What is Income Tax Updated Return (ITR-U) Updated return is a type of return on income u/s 139(8A) of the Income Tax Act 1961 to be filed using Form ITR-U. It allows taxpayers to: • File Return of Income Not Filed Earlier • Make Corrections in Disclosure in Income Tax Return • Fix or Change the Head of Income • Reduce the Carry Forward Loss • Reduce Unabsorbed Depreciation • Reduce Income Tax Credit and More Additional Tax Payment The Act requires that the taxpayer has to pay an additional 25 per cent interest on the tax due if the updated ITR is filed within 12 months, while interest will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year. Hence, taxpayers looking to update their returns for FY 2019-20 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest. For those looking to file an updated return for FY 2020-21, the additional amount will be 25 per cent of the tax payable and interest. When You Can’t Submit an Updated Return? In the following circumstances, an updated return cannot be furnished if: • The updated return is a return of the loss • The updated return is reducing the Income Tax Liabilty from the return filed earlier • The updated return result increases the refund • The search has been started under section 132 • Books of accounts or any other document are called for under section 132A. • A survey is done under section 133A • Any proceeding of as...

ITR-U is the Form that allows you to update your income tax return by rectifying errors or omissions for up to two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022. What is ITR-U? Have you ever forgotten to report an income or made a mistake in your ITR? Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to optimise tax compliance by taxpayers without provoking legal action. Read on to learn more about ITR-U. Who can file ITR-U? Any person who has made an error or omitted certain income details in any of the following returns can file an updated return: • Original return of income, or • Belated return, or • Revised return An Updated Return can be filed in the following cases: • Did not file the return. Missed return filing deadline and the belated return deadline • Income is not declared correctly • Chose wrong head of income • Paid tax at the wrong rate • To reduce the carried forward loss • To reduce the unabsorbed depreciation • To reduce the tax credit u/s 115JB/115JC A taxpayer could file only one updated return for each assessment year(AY). Who is not eligible to file ITR-U? ITR-U cannot be filed in the following cases: • Updated return is already filed • For filing nil return/ loss return • For claiming/enhancing the refund...

Therefore, the taxpayer may still file an Updated ITR if the previous ITR contains any errors or omissions, or if the taxpayer failed to file or revise the ITR prior to the due date. In the Finance Bill 2022, the finance minister provided Section 139(8A) of Income Tax Act. Let’s take a look at the amendment, the process of ITR U filing and more about the update in this blog. What Is ITR-U?: A Look At Section 139(8A) of Income Tax Act The Central Board of Direct Taxes (CBDT) recently released a This is eight Get a Quote By Notification No. 48/2022 issued 29.04.2022 under G.S.R. 325(E) via Income-tax (Eleventh Amendment) Rules, 2022, the CBDT notified Rule 12AC for submitting an Updated Income Tax Return in Form ITR-U (ITR for updated return) in compliance with section 139(8A) of the Income-tax Act of 1961. (Act). According to Section 139(8A) of the Income Tax Act, a taxpayer who has submitted an Original ITR under Section 139(1), a Revised ITR under Section 139(5), a Belated ITR under Section 139(4), or no ITR at all, may submit an ITR U, or an Updated ITR, up to 24 months after the conclusion of the applicable assessment year. In the following situations, an ITR-U cannot be filed: • Updated return has been submitted. • for submitting a loss or nil return • to increase the refund amount or to claim it. • when a revised return reduces the amount of tax due • A search under Section 132 has been started against you. • A survey is carried out in accordance with Section 133A. • ...

Section 139(8A) – Form ITR- U (Updated Return: BIG OPPORTUNITY TO RECTIFY MISTAKES IN INCOME TAX RETURN FILED The Finance Act, 2022 has introduced a new concept of updated return (ITR-U), wherein it allows further 24 months to file the return of income. CBDT inserts Rule 12AC to notify the income tax return form ITR-U for filing updated return u/s 139(8A) –Refer: For paper, return click on When a ITR-U u/s 139(8A) can be filed? An updated return (ITR-U) can be filed by any person whether the o riginal return or belated return or revised return has been filed or not. It will give taxpayers another opportunity to file the correct tax return. However, this return can only be filed if the tax liability is payable. Along with an updated return, the proof of payment of tax as required by section 140B has to be submitted. Updated Return under this section once filed cannot be updated. An updated Return can be filed only once for an assessment year. The time limit for furnishing updated return u/s 139(8A) An updated return u/s 139(8A) can be filed within twenty-four months from the end of the relevant assessment year. The time limit to file the income tax return u/s 139(1) or revised income tax return u/s 139(4) or belated income tax return u/s 139(5) should have expired. Example: For Assessment Year 2020-21 the time limit for filing return was up to 31.05.2021. In this case, if you want to revise your income and this would result in further tax payment then you have till 31.03.20...

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: ITR filing Last Date 2023: Due date to file Income Tax Return Online for AY 2023-24 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 ...

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: ITR filing Last Date 2023: Due date to file Income Tax Return Online for AY 2023-24 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 ...

The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. Commence from which Financial Year The return has to be filed Under Section 139(8A) relating to the Assessment Year commencing from 01.04.2020 and subsequent assessment years. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns from the Financial Year 2019-20. Eligibility of filing ITR-U Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income – • return previously not filed, or • income not reported correctly, or • wrong heads of income chosen, or • reduction of carried forward loss, or • reduction of unabsorbed depreciation, or • reduction of tax credit u/s 115JB/115JC, or • wrong rate of tax, or • any other reasons given by the taxpayers. Time limit of filing ITR-U The Budget 2022-23 has permitted taxpayers to update their ITRs within twenty four months from the end of the relevant assessment year. How many ITR-U can be filed A taxpayer would be permitted to file only one updated return per assessment year. How to verify the return The return can be verified only through a Digital Signature Certificate (DSC) in tax audit cases and filing of return by Electronic Verification Code (EVC) can be an alternative in non-tax audit cases. The option of verifi...

Therefore, the taxpayer may still file an Updated ITR if the previous ITR contains any errors or omissions, or if the taxpayer failed to file or revise the ITR prior to the due date. In the Finance Bill 2022, the finance minister provided Section 139(8A) of Income Tax Act. Let’s take a look at the amendment, the process of ITR U filing and more about the update in this blog. What Is ITR-U?: A Look At Section 139(8A) of Income Tax Act The Central Board of Direct Taxes (CBDT) recently released a This is eight Get a Quote By Notification No. 48/2022 issued 29.04.2022 under G.S.R. 325(E) via Income-tax (Eleventh Amendment) Rules, 2022, the CBDT notified Rule 12AC for submitting an Updated Income Tax Return in Form ITR-U (ITR for updated return) in compliance with section 139(8A) of the Income-tax Act of 1961. (Act). According to Section 139(8A) of the Income Tax Act, a taxpayer who has submitted an Original ITR under Section 139(1), a Revised ITR under Section 139(5), a Belated ITR under Section 139(4), or no ITR at all, may submit an ITR U, or an Updated ITR, up to 24 months after the conclusion of the applicable assessment year. In the following situations, an ITR-U cannot be filed: • Updated return has been submitted. • for submitting a loss or nil return • to increase the refund amount or to claim it. • when a revised return reduces the amount of tax due • A search under Section 132 has been started against you. • A survey is carried out in accordance with Section 133A. • ...