Filing of Updated Income Tax Return Form ITR-U enabled

1. FILING OF UPDATED INCOME TAX RETURN FORM ITR-U ENABLED AUTHOR :CA SRIKANTH VUPPALA https://taxguru.in/income-tax/filing-updated-income-tax-return-form-itr-u-enabled.html 1. Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. A taxpayer would be able to file only one updated return for each assessment year. 2. Income Tax Department enabled E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 3. Step by Step approach for Updating previous year returns a. Go to the Download section of the Income Tax Site (https://www.incometax.gov.in/iec/foportal) and select the AY for which you want to file Updated ITR b. There you can see the Date of latest release of JSON Schema as 27th June 2022, At present you can update ITR 1 and 4 only

2. c. Download the Excel based utility and you’ll find the older version of the ITR Excel utility d. After entering the relevant details in the PART A, You can see the Filed u/s option, there you can find Section 139(8A)

3. e. After selecting the section 139(8A), you can able to see “Part A General Information- 139 (8A), this is ITR – U. There you can fill the relevant details f. In the Part A General Information tab, (ITR-U) you can able to see the reason for Updating your return drop down menu, select the relevant cause from that

4. g. After filling of all the details you can able to download XML file which you can file in the Income tax website by selecting relevant AY in the File Income tax return tab Kindly note that ITR -U can be filed in the following cases Return Previously not filed. Income not reported correctly Wrong Heads of Income Chosen Reduction of Carried forward losses Reduction of unabsorbed Depreciation Reduction of Tax Credit u/s 115JB/115JC

5. Wrong rate of tax Author can be reached @ vsrikanthandco@gmail.com