What is ITR-U?
The ITR-U form is used to make changes to your income tax return. In the Union Budget 2022, the government introduced the idea of updated returns. Have you ever misrepresented your income on your ITR or neglected to report it? You have two years to update your ITR under the Income Tax Act's Section 139(8A). From the end of the year in which the initial return was filed, two years will be counted. ITR-U was introduced with the intention of maximizing taxpayer tax compliance without triggering legal action. Find out more about ITR-U by reading on. A new Form ITR-U has been issued by the Central Board of Direct Taxes (CBDT) for the purpose of updating Income Tax returns. In this form, taxpayers will be required to provide the precise reason for filing along with the amount of income that will be subject to taxation. Taxpayers will be able to use the brand-new Form ITR-U to update their income tax returns for the fiscal years 2019–20 and 2020–21. This article provides an overview of th