Do not worry…! Section 139(8A) of Income tax Act offers a chance to those who missed to file/report by allowing them to file ITR – U
The situations wherein the ITR U(updated return) can be filed is shown in the funnel below
What is the deadline for Filing ITR-U ?
The updated return can be furnished within 24 months from the end of the specific assessment year. Yet, this benefit of filing ITR U comes with a cost of paying additional taxes depending upon when you file the ITR U
When ITR U cannot be used?
Updated return cannot be filed if there is no tax payable. Other situations are depicted in the picture below :
Exercise care while filing ITR U since this updated file once filed cannot be revised...!