#itr-u

The form known as ITR-U, or Updated Income Tax Return, enables you to update your previous ITR and correct any mistakes or omissions.  After the relevant evaluation year ends, it can be filed within two years.  In the Union Budget 2022, the government introduced the idea of updated returns. It is not possible to file amended or belated ITRs after the AY’s December 31st.  To fix small mistakes or…

ITR-U, or Updated Income Tax Return, provides a means to rectify errors or omissions and bring your previous Income Tax Return (ITR) up to date. It can be filed within two years after the conclusion of the relevant assessment year. The government introduced the conception of updated returns in the Union Budget 2022

ITR-U: Last date to File ITR for FY 2019-20, 2020-21 and 2021-22

Last date to file ITR (Income Tax Return) under section 139(1) for AY 2020-21, 2021-22 and 2022-23 is gone, however, still one can file Income Tax Return. The Finance Act, of 2022 has introduced a new concept of updated Income Tax Return (ITR-U), which has permitted taxpayers to file their ITRs after two years of due date of the filing, subject to payment of additional taxes. The ITR-U is…