What is Income Tax Updated Return (ITR-U)
Updated return is a type of return on income u/s 139(8A) of the Income Tax Act 1961 to be filed using Form ITR-U. It allows taxpayers to:
File Return of Income Not Filed Earlier
Make Corrections in Disclosure in Income Tax Return
Fix or Change the Head of Income
Reduce the Carry Forward Loss
Reduce Unabsorbed Depreciation
Reduce Income Tax Credit and More
Additional Tax Payment
The Act requires that the taxpayer has to pay an additional 25 per cent interest on the tax due if the updated ITR is filed within 12 months, while interest will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year. Hence, taxpayers looking to update their returns for FY 2019-20 will need to pay the tax due and interest along with an additional 50 per cent of such tax and interest. For those looking to file an updated return for FY 2020-21, the additional amount will be 25 per cent of the tax payable and interest.
When You Can’t Submit an Updated Return?
In the following circumstances, an updated return cannot be furnished if:
The updated return is a return of the loss
The updated return is reducing the Income Tax Liabilty from the return filed earlier
The updated return result increases the refund
The search has been started under section 132
Books of accounts or any other document are called for under section 132A.
A survey is done under section 133A
Any proceeding of assessment, revaluation, recalculation, or revision is pending or completed in that year.
The AO has information against such person under the Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Assets) and Tax Act or Benami Property Transactions Act or Smugglers and Foreign Exchange Manipulation Act and the same have been reported to the assessee.
Other Notified Person
Salary & Business & ITR-4- ITR U Filing
OM BASIC
Rs. 1299
- Salary/Pension Income Upto 15 Lakh
- Single Form 16
- Cover HRA & Additonal Tax Deductions
- Interest Income
- Income From Other Sources
- Dividend Income
- Income From Business & Profession
- Turnover Upto 10 Lakh
- Cover Only Presumptive Business Income
- Tax Computation
- Cover ITR 4 Only
- Only For ITR U Filing
- Call & Email Support
- 3 To 5 Working Days
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OM STANDARD
Rs. 1649
- Salary/Pension Income Upto 35 Lakh
- Single Form 16
- Cover HRA & Additonal Tax Deductions
- Interest Income
- Income From Other Sources
- Dividend Income
- Income From Business & Profession
- Turnover Upto 25 Lakh
- Cover Only Presumptive Business Income
- Tax Computation
- Cover ITR 4 Only
- Only For ITR U Filing
- Call & Email Support
- 3 To 5 Working Days
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OM PREMIUM
Rs. 2999
- Salary/Pension Income Upto 47 Lakh
- Single Form 16
- Cover HRA & Additonal Tax Deductions
- Interest Income
- Income From Other Sources
- Dividend Income
- Income From Business & Profession
- Turnover Upto 48 Lakh For Professionals
- Turnover Upto 2 Crore
- Cover Only Presumptive Business Income
- Tax Computation
- Cover ITR 4 Only
- Only For ITR U Filing
- Call & Email Support
- 3 To 5 Working Days
- ✔️
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