Have you missed filing your Income Tax returns or forgot to report some income in your filed IT return and the dates for filing/revising the return lapsed?

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...!

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