The CBDT has notified a new form (ITR-U) For filing updated In | Income Tax & Gst Returns 🇮🇳

The CBDT has notified a new form (ITR-U) For filing updated Income Tax returns

A taxpayer would be permitted to file only one updated return per assessment year.

The return has to be filed Under Section 139(8A) relating to the Assessment Year (AY) 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 FY 2019-20.

Eligibility of filing ITR-U

Return previously not filed,or

Income not reported correctly

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.

ITR-U New Form Cannot be allowed to file :
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Resulting in a refund, or increases the refund.

If a prosecution proceeding is initiated by issuing notice for a particular Assessment Year, or

If it has the effect of showing a loss, or

Reducing the total tax liability determined previously, or

Time limit of filing ITR-U

within 24 months from the end of the relevant assessment year.

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