New ITR-U Form for Updating IT Return from FY19-20 Important!

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New ITR-U Form for Updating ITR

New ITR-U Form Notified on 29th April 2022

  • Under section 139(8A) and Rule 12AC of Income Tax rules.
  • Any person is eligible for ITR-U to File an updated return for FY 2019-20 and subsequent assessment years.
  • A taxpayer would be able to file only one updated return for each assessment year.

Condition Which ITR-U Can be Filed

  • Previous Return not filed.
  • Income not reported correctly and increase liability
  • Wrong Heads of Income Chosen
  • Reduction of Carried forward losses
  • Reduction of unabsorbed Depreciation
  • Reduction of Tax Credit u/s 115JB/115JC
  • Wrong rate of tax

Read Also:- No Changes in Income Tax Slab for FY 2022-23: Budget 2022

The condition which ITR-U Form Can Not be filed

  • NIL Return
  • Loss Return or Decrease Liability
  • Increase in Refund/Claiming of Refund
  • Any Person whose Search/Survey/Prosecution Proceedings are Initiated or pending or completed for A.Y.
  • Assessment/Reassessment/Revision/Recomputation is Pending or Completed for A.Y.
  • The taxpayer can not file the updated return before the relevant assessment year but within 24 months.
  • The Govt Official notified any person
  • Any Person whose involved in smuggling/Black Money/Money Laundry/ undisclosed foreign assets & etc.

CRUX: Act does not Allow the Taxpayers to file the updated return if there is no additional tax outgo.

  • Late fees and Additional Fees will also be Charged
  • Challan Details (Additional Payment) Under Section 140B.

Read Also:- LIC IPO Date, Price Band, GMP, Allotment & PolicyHolders – 4th May 2022

How to Verify the Updated Return

  • For Tax Audit Cases: Digital Signature
  • For Non-Tax Audit Cases: EVC Option will be Available
  • The courier to Bangalore option has not been specified yet.

Additional Interest Payment:

S.No.ParticularsRate of Interest
1If Updated ITR is filed Within 12 Months From the end of Relevant A. Y
2f Updated ITR is filed After 12 Months But before 24 Months From the end of Relevant A. Y

Government Approach

The government is attempting to furnish an opportunity to the assessee to reveal their income which is omitted to be shown previously while on the other side it would generate more revenue for the government. This would optimize the compliance of the assessee in a litigation-free environment.


G.S.R. 325(E).—In exercise of the powers conferred by sub-section (8A) of section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-

1-Short title and commencement.—(1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2022.
(2) They shall come into force from the date of their publication in the Official Gazette.

2-In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AB, the following rule shall be inserted, namely,––

12AC. Updated return of income.- (1) The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.
(2) The return of income referred to in sub-rule (1) shall be furnished by a person, mentioned in column (2) of the Table below in the manner specified in column (3) thereof:–

S.No.PersonManner of furnishing return of income
1Individual, or Hindu undivided family or
a firm or limited liability partnership or
an association of persons or a body of
individuals, whether incorporated or not,
or a local authority or an artificial
juridical person in whose case accounts
are required to be audited under section
44AB of the Act or a Company or a
the political party required to furnish a return
inForm ITR-7.
Electronically under digital signature.
2Individual, or Hindu undivided family, or
firm, or limited liability partnership, or
an association of persons or a body of
individuals, whether incorporated or not,
or a local authority or an artificial
juridical person, or a person required to
file a return under sub-section (4A) or
sub-section (4B) or sub-section (4C) or
sub-section (4D) of section 139, other
then a person mentioned in column (2) of
Sl. No. (1) above.
(A) Electronically under digital signature;
(B) Transmitting the data electronically in the return
under electronic verification code.

Explanation.–– For the purposes of this sub-rule, ―electronic verification code‖ means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).

(3)The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats, and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival, and retrieval policies in relation to furnishing the return in the manners specified in column (3) of the Table.’.

ITR-U Form Download

For any query or complaint mail at [email protected]

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