ITR-U has been enabled for AY 2020-21 and AY 2021-22 for ITR 1 and ITR 4

-ITR-U has been enabled for AY 2020-21 and AY 2021-22 for ITR 1 and ITR 4.

The updated return u/s 139(8A) can be prepared using the Excel utility.

-ITR-U is an updated return that can be filed under the following circumstances:

  1. Return not filed for AY 20-21 & 21-22
  2. Income reported incorrectly
  3. Wrong heads of income chosen
  4. Reduction of carried forward loss
  5. Wrong rate of tax
  6. Reduction of unabsorbed depreciation

- ITR-U cannot be filed if:

  1. If search/ survey/ prosecution proceedings are initiated against the taxpayers for the relevant AY.
  2. If the total tax liability is to be reduced
  3. Losses to be adjusted against the income
  4. There is a refund or increase in the refund amount

-Additional liability:

  1. An additional 25% interest on the tax is due if the updated ITR is filed within 12 months.
  2. Interest up to 50% if it is filed after 12 months.

-You can file only one updated return for each assessment year.

Location: 11th Floor, Wing A, Summit Building, Vibhuti Khand, Gomti Nagar, Lucknow, Uttar Pradesh 226010, India

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