What is ITR U?
ITR U is the updated income tax return form introduced by the Government of India in the Union Budget 2022. It allows taxpayers to update their income tax returns within 24 months from the end of the relevant assessment year.
Who can file Updated return?
Any taxpayer can file an updated return (ITR U) for the relevant assessment year. This includes taxpayers who have filed an original return, a belated return, or a revised return.
There are a few conditions that must be met in order to file an updated return:
- The updated return must be filed within 24 months from the end of the relevant assessment year.
- The updated return must be filed in the same ITR form that was used for the original return.
- The updated return must be filed online through the e-filing website of the Income Tax Department of India.
- The updated return must be accompanied by the payment of any additional tax due, including interest and penalty.
- The updated return must be filed if taxpayer forgot to file retuns of previous years.
If these conditions are met, then any taxpayer can file an updated return to correct any errors or omissions in their income tax return.
Here are some of the reasons why you might need to file an updated return:
- You have forgotten to file ITR of previous years.
- You have forgotten to report some income in your original return.
- You have claimed a deduction or tax credit that you are not eligible for.
- You have made a mistake in the calculation of your tax liability.
- You have received additional income after filing your original return.
- You have incurred additional expenses after filing your original return.
How to file Updated Return?
Here are the steps you can follow:
1. Download the Appropriate ITR Form
Visit the official website of the Income Tax Department of India and download the correct ITR form for the assessment year for which you want to file an Updated return. Ensure that you select the form that corresponds to your source of income and type of taxpayer.
2. Complete the ITR Form
Fill out the ITR form with the corrected information. Make sure to mention that this is a “Updated Return” by selecting the appropriate option in the form.
3. Prepare the Supporting Documents
Gather all the necessary documents and supporting evidence for the revised information you are providing. This may include income statements, deductions, and any other relevant documents.
4. Calculate the Tax Liability
Calculate your tax liability based on the information you filled. Make sure your tax calculations are accurate.
5. Generate JSON file
Generate the JSON file after filling all the information and calculating tax.
6. Upload the JSON file and Submit the ITR Form
After generating JSON file the next step is to upload it on Income tax portal by login in to portal and after that submit the return by sending Everification code.