General Concept of Filing Updated ITR (ITR – U)

ITR-U

As per notification dated 29-04-2022 by CENTRAL BOARD OF DIRECT TAXES amend Income-tax Rules, 1962 by exercise of the powers conferred by sub-section (8A) of section 139 read with section 295 of the Income-tax Act, 1961, These rules may be called the Income-tax (Eleventh Amendment) Rules, 2022. Filing Updated ITR (ITR-U)

In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AB, the following rule shall be inserted, namely, ––

12AC. Updated return of income. – (1) The Income Tax Return to be furnished by any person, eligible to file such return of Income under the sub-section (8A) of section 139, relating to the assessment year starting from the 1st day of April,2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.

(2) The return of income referred to in sub-rule (1) shall be furnished by a person, mentioned in column (2) of the Table below in the manner specified in column (3) thereof: –

TABLE

SI.NOPersonManner of furnishing return of income
(1)(2)(3)
1.Individual, including Hindu undivided family or a firm or LLP or an AOPS, whether incorporated or not, or a local authority or an artificial juridical person in whose case books of accounts are required to be audited under section 44AB of the Act or a Company or a political party required to furnish their a return in Form ITR-7.Electronically under digital signature.
2.Individual, or HUFs, or firm, or LLPS, or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person, or a person required to file a return under sub-section (4A) or(4B) or  (4C) or (4D) of section 139, other than a person mentioned in column (2) of Sl. No. (1) above.(A) Electronically under digital signature; (B) Transacting the data electronically in the return in electronic verification code for ITR.

Circumstances when ITR-U can be file

  • Return previously not filed
  • Income not reported correctly
  • Wrong head of income chosen
  • Reduction of carry Forward Loss
  • Reduction of unabsorbed depreciation
  • Reduction of tax credit u/s 115 JB /JC
  • Wrong rate of tax
  • Others

Lex N Tax is know for the best ITR filing services in Delhi , Lex N Tax always ready to solve your doubts regarding How to file ITR-U, Who is eligible to file ITR-U, WHO cannot file ITR-U

Requirement

Respective ITR form as applicable will need to be filed along with ITR-U as per Guideline.

Late fees will also be charged.

When ITR-U cannot be filed

  • In case of search initiated u/s 132 or requisition u/s 132A of Income Tax Act.
  • In case of conduct of survey u/s 133A but excluded survey conduct under 133(2A).
  • In case of pending of return under assessment or reassessment or recomputation or revision of income.
  • In case of Assessing officer has reason to believe that assesses for the relevant assessment year Black Money law, Benami law, Etc.   
  • In case of information is received under an agreement referred to in sections 90 or 90A of the Income-tax Act.
  • In case of any prosecution proceedings has been initiated under the Income-tax Act

Note: Assesse cannot file NIL return or claim increased refund or for reduction in tax liability.

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1) Lex N Tax Associates consist of team of professionals who can handle , ITR, GST matter in professional manner

2) we are the leading firm in case of GST refunds, TDS Compliances, Income tax cases.

3) we alway commited to our client so that clients can comply with all provisions in timely manner

4) Lex N tax is know for the best ITR Filing Services in Delhi NCR

~By Shaista

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