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Updated Income Tax Return Information by Specialist

The Union Budget for 2022 included a new Income Tax Return provision. As a result, Section 139(8A) of the Income Tax Act has been added to the Finance Act of 2022. ITR-U, or updated income tax return, is used to amend an income tax return that has already been filed. The taxpayers can update their ITR from the previous two assessment years using this ITR. As a result, returns for the fiscal years 2019–20 and 2020–21 can currently be revised. However, filing necessitates declaring payment of additional tax. The individual will also need to explain why they updated their ITR filing India. Keep reading the blog to learn more.

Suitable Situations for ITR-U Filing

The following situations allow for ITR-U completion:

– Return not filed earlier

– Income reported incorrectly

– Head of Income selected incorrectly

– Reduction of carried forward loss

Reduction of unabsorbed depreciation, reduction of tax credits, incorrect tax rate, and any other case

Situations in which an updated tax return cannot fill

In the following circumstances, ITR-U filing no permit:

If there are any assessments or reassessment actions owed with regard to the assessee for these assessment years, or if there is a falling tax burden, a rising refund, or a claim for losses as a result of the return.

– When an investigation is complete with respect to the assessee, then for every assessment year and the assessment year before these assessment years

– When any information from a foreign country obtain under the tax treaty and that consider the assessee for the linked assessment year.

– If any criminal actions are required for these assessment years.

– The assessee informs that the assessees who fall under the categories of smugglers, Benami, black money, money laundering, and other actions are not eligible to submit updated returns by the CBDT.

Refund in the event that a revised income tax return is filed

There are three cases for refund when filing an ITR-U.

– Firstly, where no ITR submit previous to the revised return(s)

– Second, an earlier ITR submission, but no reimbursement.

–Third, a previous ITR submission, and a refund.

in cases where no ITR submit before the latest return

No refund may claim in the updated return if no prior return fill and the latest return is the first return for the assessment year.

ITR fill earlier, but there was no reimbursement.

If earlier returns fill under Sections 139(1), 139(4), 139(5) and no refund, then in the return likewise no refund can claim.

There was a refund after an earlier file tax online india.

If refunds were provided in prior returns filed in accordance with Sections 139(1), 139(4), or 139(5), they may be provided in the revised return, but they may not exceed the refunds provided in the earlier returns.

The amended return may have it at the same amount or less.


1. How many Updated Income Tax Returns can be submitted?
Only one revised return submit a taxpayer each assessment year.

2. Do I have to include all of my income in my updated ITR filing India?
The need income heads must use to specify the amount of income that will be subject to tax. Contrary to the standard ITR forms, no information regarding the breakdown of income or other specifics must be provided. Additionally, the form itself must include the precise justification for filing the revised return.

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