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Updated ITR Filing For A.Y 20--21 & 21-22: ITR U

The income tax department has notified Form ITR-U for filing the ‘Updated’ income tax return. The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.

The provision of updated return is available in Section 139(8A) of the Income Tax Act. The taxpayer can file the updated return after the relevant assessment year but within 24 months. The government has released a notification to amend the income tax rules. The new income tax rules specify the form in which updated returns need to be filed and the manner of their verification.

Who can file an updated ITR : ITR-U?

Following person only can file their Updated Income Tax through ITR – U form.

  1. Return Previously Not Filed 
  2. Income not reported correctly in previously filed ITR 
  3. wrong head of income chosen in previous filed ITR
  4. Reduction in carried forward loss
  5. Reduction of unabsorbed depreciation 
  6. Reduction of Tax Credit U/s 115JB/ 115JC
  7. wrong rate of tax 
  8. Other 

Who CAN NOT file an updated ITR : ITR-U?

Following person are not eligible to file their Updated Income Tax through ITR – U form.

  1. Filing or filed Return  is of Loss 
  2. has a effect of decreasing the total tax liability determined on the basis of earlier return filed 
  3. result in refund or increase the  refund due on basis of return filed earlier

Additional tax payment on Filing of ITR U

The Act requires that the taxpayer has to pay an additional 25 per cent interest on the tax due if the updated ITR is filed within 12 months, while interest will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year. Hence, taxpayers looking to update their returns for AY 2020-21 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest. For those looking to file an updated return for AY 2021-22, the additional amount will be 25 per cent of the tax payable and interest.

What details are required to be mentioned in ITR-U?

In ITR-U, the taxpayer needs to specify only the amount of additional income, under the prescribed income heads, on which tax is required to be paid. No detailed income break-up must be submitted, as in the case of filing regular ITR forms. The taxpayer must also specify the exact reason for filing the updated return in ITR-U. Further, it is required to mention the challan details for the additional tax paid for the updated return.

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