ITR-U (Updated Return)
ITR-U (Updated Return)
ITR-U is an Updated Return introduced under Section 139(8A) that allows taxpayers to file or update their return within 24 months from the end of the relevant assessment year. It is meant for taxpayers who missed filing, under-reported income, or chose the wrong ITR form. Additional tax of 25% (within 12 months) or 50% (12–24 months) of the aggregate tax and interest is payable.
Important Points:
- File within 24 months of the end of the assessment year
- Additional tax: 25% (within 12 months) or 50% (12–24 months)
- Cannot be used to report losses or claim/increase refunds
- Available for AY 2020–21 onwards
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