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Who can file an Updated Income Tax Return in form ITR U?

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Ishita Ramani Ishita Ramani
Answered on May 12,2022
  • Any taxpayer who is eligible to update returns for Financial Year 2019-20 and following assessment years as per the provisions mentioned in the Income Tax Act can file the updated Income Tax Return via form ITR U.
  • It is important to note here that one can file only one updated IT return for each Assessment Year. For the following cases, a taxpayer can file Form ITR U:
  • If a taxpayer missed filing a return previously.
  • If the income was reported wrongfully.
  • When the taxpayer chose the wrong head of Income.
  • If there is a reduction of carried forward losses, Unabsorbed Depreciation or Tax Credit under section 115JB / 115JC.
  • The income tax was filed at the wrong rate of tax.
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