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News INCOME TAX

  • May 02, 2022
  • Govt notifies form for filing updated ITRs

    The Income Tax department has notified a new form for filing updated I-T returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.

    Taxpayers filing ITR-U, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income -- return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss.

    The reasons given in the form also include reduction of unabsorbed depreciation or reduction of tax credit u/s 115JB/115JC or wrong rate of tax or any other reasons given by the taxpayers.