Share :
Over 1.55 lakh updated ITR (ITR-U) submitted till 2nd September

Join TaxGyata WhatsApp Group or Telegram Group for Latest Updates on Income Tax, GST, Company Law and Finance.


The Income Tax Department had notified that Over 1.55 lakh updated Income-tax returns (ITR-U) have been filed up to 2nd September 2022.

IT Department earlier this year in May had notified a new form for filing updated income tax returns (ITRs) for the taxpayer who has submitted/filed wrong ITR or had done some mistakes in ITR while filing it.

While submitting an ITR-U, the taxpayer will be required to pay an additional amount in addition to the tax that is owed.

Income tax department took the twitter to notify and wrote that, “Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022″.

It stated that more than 20,000 taxpayers had submitted Updated ITRs for both the 2020–2021 and 2021–2022 AYs (2019-20 and 2020-21 financial years).

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. According to the provision, if the updated income tax return (ITR) is filed within 12 months, an additional 25% on the due tax and interest would be required to be paid, while the rate will increase to 50% if it is filed after 12 months but before 24 months from the end of the relevant Assessment Year.

Taxpayers will have access to the form ITR-U to file revised income tax returns for the 2019–20 and 2020–21 financial years, and they must specify the precise justifications for filing it as well as the amount of income that will be subject to tax


Share :
TaxGyata Team

TaxGyata Team