Income Tax India Notifies New Form for Taxpayers Filing Updated Tax Returns
India’s income tax (IT) department has notified a new form, ITR-U , for taxpayers filing their updated tax returns. The move seeks to reduce lengthy adjudication timelines and use of resources for improper tax filing and is based on the self-assessment of taxpayers. What is the new ITR form? In the new form, ITR-U , the taxpayer will need to provide the exact reason for filing the updated income tax return (ITR) and the amount of income liable to tax. However, they will not be required to provide a break-up of that income. When would taxpayers need to file ITR-U? Some of the reasons for filing the updated tax return include incorrect reporting of income, Reduction of carried forward loss, choosing the wrong heads of income, reduction of unabsorbed depreciation, reduction of tax credit under Section 115JB/115JC, wrong rate of tax when filing the original ITR , etc. What is the period during which ITR-U can be filed? ITR-U will be available for filing upda...