tg-me.com/incometaxsolution/655
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The CBDT has notified a new form (ITR-U) For filing updated Income Tax returns
A taxpayer would be permitted to file only one updated return per assessment year.
The return has to be filed Under Section 139(8A) relating to the Assessment Year (AY) commencing from 01.04.2020 and subsequent assessment years.
The new form (ITR-U) will be available to taxpayers for filing updated income tax returns from the FY 2019-20.
๐Eligibility of filing ITR-U
๐Return previously not filed,or
๐Income not reported correctly
๐wrong heads of income chosen, or
๐reduction of carried forward loss, or
๐reduction of unabsorbed depreciation, or reduction of tax credit u/s 115JB/115JC, or
๐wrong rate of tax, or any other reasons given by the taxpayers.
ITR-U New Form Cannot be allowed to file :๐
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๐Resulting in a refund, or increases the refund.
๐If a prosecution proceeding is initiated by issuing notice for a particular Assessment Year, or
๐If it has the effect of showing a loss, or
๐Reducing the total tax liability determined previously, or
โฑTime limit of filing ITR-Uโฑ
within 24 months from the end of the relevant assessment year.
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