Itr U News Today

Taxpayers who havent filed their income tax returns for FY 2022-2023 must file by December 31, 2023 to avoid penalties and interest charges.

An updated income tax return (ITR-U) can be filed within 24 months from the end of the relevant assessment year, provided the deadline for filing either revised ITR and belated ITR (if applicable) is already over. Further in certain specified instances ITR-U cannot be filed.

The Budget 2022 amended the income tax laws to allow a taxpayer to file updated return using ITR-U form. However, the income tax laws has clearly defined the instances where a taxpayer can and cannot file updated return. The aim of allowing taxpayers to file updated return is to increase the voluntary compliances and avoid litigation.

The income tax laws allow an individual to file updated return. The concept of updated return was introduced in the Union Budget 2022 to allow individuals rectify their mistake made while filing ITR or to allow one more chance to individuals to file ITR if they have not filed ITR previously.

Abhishek Soni, Co-founder & CEO of Tax2win said, taxpayers must also be aware of the various tax rules with a deadline of March 31, 2023, and take necessary action before it is too late.

Income Tax Return Latest Update: To file the belated ITR, the taxpayers must select Section 139(4) in the tax return form.

Under section 139 (8A) of the Income-tax Act of 1961, a new provision was included by Finance Act 2022 for the filing of Updated Income Tax Returns.

The ITR-U tax return form allows taxpayers to submit tax returns for the assessment year that is two years earlier to the current assessment year.

Income tax returns, how to file ITR, income tax department, income tax returns last date, ITR 2022, ITR new form, income tax returns new form, ITR-U, what is ITR-U, Income Tax department, Income Tax department latest news, business news, taxpayers,

ITR filing: Government notifies form for filing updated income tax returns - The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.