- It is Notified on 29 April 2022
- For Filling updated return of income relating to the assessment year commencing on the ist April 2020 and Subsequent assessment years. i.e. from financial year 2019-20 onward.
Reasons for filing ITR under ITR-U Form:
- Return previously not filled
- Income not reported correctly
- Wrong heads of income chosen
- Reduction of carried forward loss
- Reduction of unabsorbed depreciation
- Reduction of tax credit us 115 JB/JC
- Wrong rate of Tax
- Others
So, now you can file your ITR for F.Y. 2019-20 & onward in case you missed it.
However, you can’t file Nil Return or claim increased refund or for reduction in tax liability
Yo will also be required to tell ITR Form applicable to you along with ITR-U.
Late fees will also be charged.