Feb 1, 2025 · 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.

Oct 20, 2022 · e-Filing of Income Tax Return or Forms and other value added services & Intimation, Rectification, Refund and other Income Tax Processing Related Queries

Mar 30, 2024 · Introduction: Section 139 (8A) of the Income Tax Act provides taxpayers with the option to file an updated return of income within a specified timeframe. This provision allows individuals to rectify errors or update information pertaining to their income tax returns for a particular assessment year.

Mar 9, 2025 · The Income Tax Return Updated Form (ITR-U) is a provision that allows taxpayers to rectify errors or omissions in their previously filed ITRs. Introduced in the Union Budget 2022, this form enables taxpayers to file an updated return within two years from the end of the relevant assessment year.

Feb 1, 2025 · ITR-U or Updated Income Tax Return is a provision that enables taxpayers in India to rectify errors or omissions in their previously submitted income tax returns (ITRs). In the union budget 2022, the government has introduced a new scheme that permits all taxpayers to file an “updated return” within 24 months from the end of the relevant ...

Feb 20, 2025 · ITR U provides a valuable option for taxpayers who need to correct errors or update their previously filed income tax returns. By allowing amendments within two years of the assessment year's end, ITR U helps ensure accurate tax …

Mar 29, 2025 · ITR U (Updated Income Tax Return) was introduced under Section 139(8A) of the Income Tax Act, 1961 through the Finance Act 2022. It allows taxpayers to correct omissions, errors, or missed reporting in previously filed ITRs or file a return if they failed to do so earlier.

Mar 3, 2025 · The ITR-U framework is a significant step towards helping taxpayers fix errors, report missed income, and avoid scrutiny. However, delayed action leads to higher penalties, making early filing the best option.

ITR U is an income tax form utilized by the assessee to update his/her income tax return. Finance Minister Nirmala Sitharaman introduced it in the Union Budget 2022. The ITR U form is used to make the corrections in the return filed by the assessee during a financial year.