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Jul 17, 2024 · ITR-U or Updated Income Tax Return is the form that allows you to rectify errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. The government introduced the concept of updated returns in the Union Budget 2022. Latest Update:
Sep 23, 2024 · ITR U form is a rescue for those who have not filed their ITR or made inaccurate and false entries while filing their income tax returns. Section 139 (8A) under the Income Tax Act allows you a chance to update your ITR within two years, i.e., 24 months from the end of the relevant assessment year.
Mar 30, 2024 · Section 139 (8A) of the Income Tax Act allows filing an updated return within 24 months from the end of the relevant assessment year. Learn more about eligibility, provisions, and FAQs.
May 9, 2022 · ITR-U (New Income Tax Form) ♦ Dealt under section 139 (8A) and Rule 12AC of Income Tax rules. ♦ 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.
Oct 20, 2022 · e-filing and Centralized Processing Center. e-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries
Nov 16, 2023 · The ITR-U form serves as a pivotal tool for individuals seeking to amend their income tax returns by addressing inaccuracies or omissions within a permissible timeframe of up to two years from the conclusion of the relevant assessment year.
Jan 7, 2023 · The purpose for introduction of form ITR-U is to optimise tax compliance by taxpayers without provoking legal action. Section 139(8A) of the Income Tax Act and rule 12AC of Income tax rules gives the taxpayers a chance to update their returns or to file a new return in case no return was filed earlier, for a period upto two years from the end ...
ITR-U, or Income Tax Return - Updated, was introduced in the Union Budget 2022. This new provision under Section 139(8A) of the Income Tax Act allows taxpayers to rectify past filing errors or file a missed return.
Nov 16, 2023 · ITR-U is primarily used when individuals or entities realize that they have made mistakes in reporting their income, claiming deductions, providing incorrect details, or omitting important information in their initial tax return.
Apr 2, 2024 · Section 139 (8A) enables the filing of "Updated Return" (aka ITR-U) by the taxpayers. Section 139 (8A) has come into effect from 01st Apr 2022. Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139 (1)- Original, 139 (4)-Belated and 139 (5)-Revised.
