The time limit for filing ITR-U is 24 months from the end of the relevant assessment year. You should note that for the AY 2022-23, the last date to file ITR-U is 31st March 2025.
What is ITR U?
ITR-U stands for Income Tax Return – Updated. This form enables you to update your income tax return by reporting any additional income or correcting any mistakes you have made in your original, past, or revised return.
Who can file ITR U?
ITR-U is designed for taxpayers who need to amend errors or omissions in their previously filed income tax returns. Section 139(8A) of the Income Tax Act permits the filing of an updated return in several scenarios: Original Return: If initially filed with errors or omissions.
What is the last date to file form U?
The concept of ITR U, the updated return, was introduced in the Union Budget 2022. The last date to file ITR for FY 2021-22 (AY 2022-23) is 31st March 2025. Non-filing ITR can lead to prosecution
Who is not eligible to file ITR-U?
If a search has been initiated under section 132 or books of accounts or any other documents have been requisitioned under section 132A, filing Form ITR-U is not allowed. If a survey has been conducted under section 133A, Form ITR-U cannot be used for filing an updated return.
Can I file ITR-U without tax?
Can nil return be filed in ITR-U? No, you cannot file a Nil return in ITR-U. ITR-U cannot be filed when there is no additional outflow of tax.
What is the tax payment of U S 140B?
It may be noted that, as per section 140B, “”the additional income-tax payable at the time of furnishing the return under 139(8A) shall be equal to twenty-five per cent of aggregate of tax and interest payable if such return is furnished after expiry of the time available under 139(5)/139(4) and before completion of the period of twelve months from the end of the relevant assessment year which is 31st March 2024 for AY 2022-23.
How to pay tax for ITR U?
Step 1: Go to the e-Filing portal www.incometax.gov.in and click e-Pay Tax.
Step 2: On the e-Pay Tax page, fill the required details and click Continue.
Step 3: On the OTP Verification page, enter the 6-digit OTP received on the mobile number entered in Step 2 and click Continue.
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