All about updated income tax return u/s 139 (8A)
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All about updated income tax return "ITR U" u/s 139 (8A) CBDT has notified form for updated return "ITR U" u/s 139 (8A). Updated return was proposed in Union Budget 2022. CBDT vide Notification No. 48/2022 dated 29/04/2022 make rule to implement provisions of updated return from the AY 2020-2021. Point wise summary of the provisions related to updated return: 1. Provisions of Section 139 (8A) i.e. updated return ( ITR-U) will be applicable from AY 2020-2021 2. ITR-U will be used for filing updated return. 3. Updated return is to be filed within twenty-four months from the end of the relevant assessment year. 4. Updated return can be filed irrespective whether return of income is filed or not for the relevant year. 5. Additional income tax (i.e. over and above tax interest payable) payable along with updated return is 25% of aggregate of tax and interest payable if updated return is filed within 12 months from the end of the relevant assessment year. E.g. Sa