ITR - U. File ITR of last 3 years.

What is ITR- U?

The government introduced the concept of updated returns in the Union Budget 2022.

It Allows:

1. rectifying errors or omissions and update your previous ITR.

2. File Previous ITR if not filed.

Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years.

What is the time limit to file ITR -U?

An updated return can be filed at any time within 24 months from the end of the relevant assessment year. Example:

For FY 2023-24, Relevant AY is 2024-25 and Updated ITR can be filled for FY 2022-23 till 31st March 2027.

FY	ITR - U Filing Last Date
2020-2021	31-Mar-24
2021-2022	31-Mar-25
2022-2023	31-Mar-26

Eligibility criteria to file ITR - U.

A person who has made an error or missed certain income in any of the following returns is eligible to file ITR - U.

1. Original Return,

2. Revised Return,

3. Belated Return

Cases when the ITR - U can be filed

1. Did not file the original as well Belated return.

2. Incorrect income declared

3. wrong income head chosen

4. Wrong taxes paid

5. To reduce Carried forward losses

6. To reduce Unabsorbed depreciation

7. To reduce Tax credit u/s 115JB/ 115JC

Only one ITR - U can be filed for each assessment year.

Following are the cases when one cannot file ITR - U.

1. Already filed ITR - U once.

2. Filing Loss return/ NIL return

3. Claiming Refund/ increasing Refund

4. Reducing Tax Liability

5. Section 132 - Search proceeding initiated against the person

6. Section 133a - Survey is conducted

7. Section 132A - Books, Documents or assets are seized/called for by the Income tax Authorities.

8. Assessment/ Re-assessment/ Revision/ Re-computation is pending or completed.

9. No additional Tax/penalty/interest/ late fees payable. If Tax liability is adjusted against TDS credit or losses and no additional tax liability arises, one cannot file ITR - U.
   

Additional Taxes to be paid for filing ITR - U.

ITR-U filed within	Additional Tax
12 months from the end of relevant AY	25% of additional tax + interest + late filing fee
24 months from the end of relevant AY	50%  of additional tax + interest + late filing fee

How to file ITR - U?

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