Filing income tax returns is a necessary annual obligation for taxpayers. On the other hand, many people occasionally omit information or make honest mistakes in their first ITR filing. In response, the Income Tax Department released a new tool called the Updated Income Tax Return (ITR-U), which allows taxpayers to amend or update previous returns. This blog covers the following topics: what ITR-U is, who can file it, what you can and cannot change, and relevant keywords like ITTR filing, ITR1, ITR2, ITR3, ITR4, ITNS 281, and how to manage your ITR login.
The Updated Income Tax Return (ITR-U) is a form introduced under Section 139(8A) of the Income Tax Act. It enables taxpayers to file an updated version of their original, belated, or revised income tax return file within a specified time frame to correct omissions or mistakes. This could include undisclosed income, wrong heads of income, or any other errors made in the original filing. The goal is to enhance voluntary compliance and avoid possible future penalties or litigation.
Anyone who has filed their original ITR whether on time, belatedly, or as a revised return—or even those who missed filing their return entirely for a year, can file the updated return. Eligible filers may include those who have used forms like ITR1, ITR2, ITR3, ITR4 for their original filing. Notably:
ITR1 is used by salaried individuals with simple income sources.
ITR2 is for salaried taxpayers with more complex incomes, such as capital gains or foreign assets.
ITR3 is designed for those with business or professional income.
ITR4 (Sugam) caters to individuals and firms with presumptive business income.
Login to the Income Tax Portal: Use your valid PAN and password to access your account. This is crucial for all ITR filing including ITR-U.
Select the Assessment Year and ITR Form: Choose the correct ITR form that you originally filed (e.g., ITR1, ITR2, ITR3, or ITR4).
Fill Part A and Part B of ITR-U:
Part A: Basic taxpayer details including PAN, Aadhaar, assessment year, and acknowledgment details of the original return.
Part B: Fill up the updated income details correctly, with reasons for updating like undeclared income or error in heads of income.
Calculate Additional Tax Liability: ITR-U requires you to pay any additional tax, interest, and a prescribed penalty.
Submit and Verify: Submit the form electronically and e-verify through Aadhaar OTP, net banking, or other accepted modes.
ITNS 281 Challan: If payment of additional tax is required, use ITNS 281 challan for direct tax deposit.
You can file only one updated return (ITR-U) per assessment year.
Filing updated returns voluntarily helps avoid penalties and litigation.
Keep your ITR login credentials safe to manage your filings smoothly.
Use ITNS 281 for any additional tax payments linked to the updated return.
Never delay filing the ITR filing deadlines (31st July for most, 15th September for some) and ITR-U window timelines are strictly enforced.
Understand the eligibility criteria for each ITR form to avoid rejections.
If additional taxes are paid, taxpayers can use the Updated Income Tax Return (ITR-U) mechanism to correct errors or omissions in their initial ITR filings without worrying about facing penalties. ITR-U provides a second chance regardless of whether you filed your initial ITR using ITR1, ITR2, ITR3, or ITR4, or you failed to file at all. During your ITR filing process, you can stay compliant and hassle-free by understanding who is eligible to file, what updates are allowed, and how to file accurately using the income tax portal with ITNS 281 challan for tax payments.
ITR-U stands for Updated Income Tax Return. The Income Tax Department came up with this so that taxpayers may fix or revise their returns that they had already filed. This enables users to repair mistakes like missing income or entering the wrong information without getting in trouble.
Anyone who missed to file an ITR or made a mistake on their previous return (ITR1, ITR2, ITR3, or ITR4) can file ITR-U. You can file it within 24 months of the end of the year in which the assessment took place.
No comments yet. Be the first to comment!
