ITR U Complete Guide On filing of Updated Income Tax Return

(Last Updated On: February 24, 2023)

ITR U Complete Guide On Income Tax Return

Under Income tax Act of India , taxpayers have given the option to correct their income tax return by filing an Updated Income Tax Return ( ITR U ) or if they have forgot to file ITR and due date is over , then also taxpayer can file ITR U .

What is ITR U

The belated or revised return under Income tax Act of India can be furnished at any time 3 months before the expiry of the relevant assessment year or before completion of the assessment, whichever is earlier. If the time expired to file belated return or Revised return of Income , then taxpayer can file Updated return i.e ITR U.

The Finance Act, 2022 has inserted Section 139(8A) to enable the filing of an updated return in form ITR U.

Who Can file ITR U

An updated return maybe filed by any person:

(a)		whether or not such person has already filed the original [section 139(1)], belated [section 139(4)], or revised return [section 139(5)] for the relevant assessment year or not; and
(b)		in respect of his income or income of any other person is assessable to tax.

The person filing an updated return:

(a)		may be any person as defined under section 2(31) Act, i.e., a company or a firm or LLP or a trust or an AOP and the other persons as stated in the definition;
(b)		may be resident or non-resident;
(c)		may be liable to pay tax on his income or income of any other person in a representative capacity or where the income is required to be clubbed.

How to File ITR U

To file an Indian Income Tax Updated Return (ITR-U) Form, taxpayers must enter additional income figures in each head of income and the total income amount . They must then calculate the amount payable

. The ITR-U form can be found on the Income Tax India website and should be filled out with documents like bank statements, interest certificates, and receipts to claim deductions

Check Video on How to file ITR U on Income tax Portal

Who can not File ITR U

The first, second and third provisos to Section 139(8A) specify the circumstances in which an updated return cannot be filed. These circumstances are specified below:

(a)		The first proviso to Section 139(8A) contains three clauses to provide that the updated return cannot be filed if it is a return of loss or it results in a refund or decrease in the tax liability or increases the tax refund;
(b)		The second proviso to Section 139(8A) contains four clauses to provide that the updated return cannot be filed in case of search and seizure;
(c)		The third proviso to Section 139(8A) contains six clauses to provide that the updated return cannot be filed in certain circumstances, i.e., assessment completed, information received under Section 90 or 90A, etc.

What is the Time Limit and Last date to File ITR U

The provision of updated returns is effective from 01-04-2022, and the time limit provided for filing an updated return is 24 months from the end of the relevant assessment year. In the financial year 2022-23, a person can file an updated return for AY 2020-21 and AY 2021-22.

For FY 2023-24 (AY 2024-25), ITR U can be filed till 31.03.2027

What is the Form for filing ITR U

Section 139(8A) provides that an updated return shall be filed in the prescribed form, verified in such manner and setting forth such particulars as may be prescribed. ITR U if the form for filing updated return

ITR U penalty for late filing

Interest at the rate of 1% for every month or part of a month may also be charged for late filing

The additional tax shall be equal to 25% of the aggregate of tax and interest payable by a person on filing of the updated return where such return is furnished after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year.

Where the updated return is furnished after the expiry of 12 months from the end of the relevant assessment year but before completion of the period of 24 months from the end of the relevant assessment year, the additional tax payable shall be 50% of the aggregate of tax and interest payable

. Additionally, a taxpayer will have to pay a penalty of Rs. 5000 if they file their Income Tax Returns after the deadline but before 31st December

Also read article Updated ITR , Complete Income tax Act Provisions ( Finance Act 2022 )

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