Home > Income Tax > Help Center > A Guide on Updated Return (ITR-U)Last Updated: Apr 15th 2023
Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax 'Updated' Return Type. Section 139(8A) enables the filing of "Updated Return" (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022.
Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)-Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation.
All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers needs to meet the following criteria to file the updated returns
All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the updated return cannot be filed in below cases.
As a result of furnishing of an 'updated' return for any financial year, if the following is reduced for any subsequent year, then the person shall be required to file an 'updated' return for each subsequent year that was filed.
The time limit for filing updated returns is 2 years from the end of such relevant assessment year
Updated return can be filed only with the penalty. The penalty for filing Updated return is as follows
Note: Section 140B provides for payment and computation of tax, interest, fee and additional income tax on updated return
“ITR-U” has been notified by the Income Tax Department for filing updated return u/s 139(8A). The following are the details required to be furnished in ITR-U. The following are the information required to be given in ITR-U apart from the general information
Yes, Updated return can be filed even if the original or belated returns is not filed.
Updated return can be filed only once and it is not possible to revise updated return.
139(8A) is effective from 01st Apr 2022 and the tax payers can utilize the same from 01st Apr 2022 for FY 2019-20, FY 2020-21 and FY 2021-22.
If you are filing the updated return for first time (not filed earlier), then you are required to pay penalty u/s 234F. If you have filed return earlier, then penalty u/s 234F will not be levied.
ITR filed u/s 139(8A) will be considered as defective if the return does not include tax payment details.
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