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Details about updated Income tax return

"Department of finance has introduced a new return on April 29, 2022. The New return is known as ITR-U. What is meant by ITR-U? When will an Assesse can file ITR"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/income-tax/details-updated-income-tax-return.html

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Details about updated Income tax return

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  1. DETAILSABOUTUPDATEDINCOMETAXRETURN • AUTHOR:CMASIVAKUMAR • https://taxguru.in/income-tax/details-updated-income-tax-return.html • Department offinancehasintroducedanewreturnonApril29,2022.TheNewreturnisknownasITR-U.What ismeant byITR-U? When willan Assesse canfile ITR-U? Detailsare the Following;- • Idea of ‘ updated return‘ has been introduced in the Finance Act 2022. As per newly introduced Section 139(8A)oftheIncome-Tax,anAssessecan‘update‘his/herIncome-Taxreturnwithin2years(option available) • ForExample:youcanupdateIncomeTaxoftheAssessmentyear2022-23upto31/3/2025.Youcanfileonly oneupdated return in a singleassessment year. • FollowingarethereasonstofileupdatedreturnsasperApril29,notification. • IncomeTaxreturnhasnotbeenfiledpreviously • RecordingIncomeasIncorrect • (c)YouhaveselectedwrongheadsofIncome • Reducingthecarried-forwardloss,depreciationasperthepreviousreturn • ReducingIncomeTaxcreditasperSec115JB/115JC • Selectingcorrecttaxslabs. • Others. • YoucannotfileupdatedreturnsunderthefollowingCircumstances • TogetRefund • ToreducetheIncomeTaxliabilityatpreviousreturns • (c)WhenfacingtheproceedingsoftheIncome-TaxDepartment. • Followingaretheadditionaltaxesapplicable • Ifupdatedreturnfilesbefore12monthsfromtheendoftherelevantassessmentyear-25%oftaxisto beremitted as additional income tax

  2. (b) If updated return files after 12 months from the end of the relevant assessment year but before 24 months from the end of the relevant assessment year- 50% of the tax is to be remitted as additional income tax. YoucanonlyusetheElectronicverificationmethodsandDigitalSignaturesfortheverification Now,youcanfileupdatedreturnintheIncome-Taxwebsite. PartAofITR-U

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