ITR-U

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  • In the Union Budget 2022, the government introduced the ITR U form for updating income tax returns. ITR-U is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return.

    The ITR U form is a rescue for those who have not filed their ITR or made inaccurate and false entries while filing their income tax returns. 

    Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years i.e., 24 months from the end of the relevant assessment year.

    By availing themselves of the provisions of Section 139(8A), taxpayers can rectify any errors or updates in their original return without facing legal consequences for incorrect information. These two years are calculated from the end of the year in which the original ITR was filed.

    For instance, for AY 2023-24, you missed the revised/ belated return filing window; you can file an ITR-U after the end of the assessment year, i.e., 31 March 2024, but within two years from there, i.e., 31 March 2026.

    Regardless of whether the taxpayer has filed an original, belated, or revised ITR or has completely missed filing the ITR in a specific financial year.

Any taxpayer can file an updated return u/s 139 (8A) whether he has furnished/not furnished an original return, revised return, or belated return in case of any omission, error, or wrong statement in his earlier return of income.

An Updated Return can be filed if:

  • Return previously not filed
  • Income not reported correctly
  • Wrong heads of income chosen
  • Reduction of carried forward loss
  • Reduction of unabsorbed depreciation
  • Reduction of tax credit u/s 115JB/115JC
  • Wrong rate of tax

  • An Updated Return under section 139(8A) cannot be filed if:

    • If an updated return is already filed
    • If an updated return is the return of loss
    • If an updated return reduces Income Tax Liability in the return filed earlier
    • If updated return results in the increase of Refund
    • If a search has been initiated under section 132
    • If books of Accounts or any other documents are requisitioned under section 132A.
    • If the survey has been conducted under section 133A
    • If any proceeding of assessment, reassessment, re-computation or revision is pending or completed for that relevant year
    • If the Assessing Officer has information against such person under Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax Act or Benami Property Transactions Act or Smugglers and Foreign Exchange Manipulators Act and the same has been communicated to the assesse.

The documents required for filing your income tax return (ITR) can vary based on your sources of income, deductions claimed, and other financial transactions. However, here’s a general list of documents you might need:

  1. Form 16/16A: This is provided by your employer and contains details of your salary income, deductions, and taxes deducted at source (TDS).

  2. Form 26AS: This is a statement that shows the tax credit against your PAN (Permanent Account Number) as per the records of the Income Tax Department. It includes details of TDS, TCS (Tax Collected at Source), and other tax payments.

  3. Bank statements: Bank statements for all your savings accounts, fixed deposits, recurring deposits, and other financial transactions during the financial year.

  4. Investment proofs: Documents supporting your investments in tax-saving instruments like Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), National Savings Certificate (NSC), etc.

  5. Property documents: Details of any property bought or sold during the financial year, including sale deeds, purchase agreements, loan statements, etc.

  6. Capital gains: Documents related to any capital gains from the sale of property, shares, mutual funds, etc.

  7. Interest certificates: Certificates for interest income earned from savings accounts, fixed deposits, recurring deposits, etc.

  8. Rent receipts: If you’re claiming House Rent Allowance (HRA), you’ll need rent receipts from your landlord.

  9. Loan statements: Loan statements for home loans, education loans, etc., for claiming deductions on interest payments.

  10. Details of donations: If you’ve made donations eligible for tax deduction, you’ll need receipts from the charitable institutions.

  11. Medical insurance premium: Premium receipts for medical insurance policies eligible for deduction under Section 80D.

  12. Details of foreign assets and income: If applicable, details of foreign assets and income should be provided.

  13. PAN card: Your Permanent Account Number (PAN) card is essential for filing your tax return.

  14. Aadhaar card: Aadhaar card is now mandatory for filing income tax returns in India.