![]() Books, documents or assets are seized or called for by the Income Tax authorities u/s 132A.Search proceeding u/s 132 has been initiated against you. ![]() When updated return results in lower tax liability.For claiming/enhancing the refund amount.ITR-U cannot be filed in the following cases: To reduce the tax credit u/s 115JB/115JCĪ taxpayer could file only one updated return for each assessment year(AY).Missed return filing deadline and the belated return deadline Who can file ITR-U?Īny person who has made an error or omitted certain income details in any of the following returns can file an updated return:Īn Updated Return can be filed in the following cases: ITR-U was introduced to optimise tax compliance by taxpayers without provoking legal action. Two years will be calculated from the end of the year in which the original return was filed. Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. Have you ever forgotten to report an income or made a mistake in your ITR? The government introduced the concept of updated returns in the Union Budget 2022. 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.
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