The Budget for the FY 2022-23 had allowed certain taxpayers to file updated tax returns, within 2 years of filing the original returns after paying taxes due. A taxpayer can file only one tax return per assessment year as an updated tax return.
The income tax department has notified a new form called ITR-U that will be available to taxpayers to file updated tax returns for the financial years 2019-20 and 2020-21. Following are the key highlights of the ITR-U
➺ Return previously not filed
➺ Income not reported correctly
➺ Wrong heads of income chosen
➺ Reduction of carried forward loss
➺ Reduction of unabsorbed depreciation
➺ Reduction of tax credit
➺ Wrong rate of tax
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