Stay updated with breaking news from Updated Itr. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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.
Income Tax Return Latest Update: To file the belated ITR, the taxpayers must select Section 139(4) in the tax return form.