Now, you can file your last 3 years ITR(s) of previous years under ITR-U Updated Return.  

 

What is ITR-U?
 

Have you ever forgotten to report an income or made a mistake in your ITR? 
Section 139(8A) under the Income Tax Act allows you a chance to update your ITR within two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to optimise tax compliance by taxpayers without provoking legal action. Read on to learn more
about ITR-U. 
 

Who can file ITR-U?
 

Any person who has made an error or omitted certain income details in any of the following returns can file an updated return:

• Original return of income, or 

• Belated return, or 

• Revised return

An Updated Return can be filed in the following cases:

• Did not file the return. Missed return filing deadline and the belated return deadline

• Income is not declared correctly

• Chose wrong head of income

• Paid tax at the wrong rate

• To reduce the carried forward loss

• To reduce the unabsorbed depreciation

• To reduce the tax credit u/s 115JB/115JC

A taxpayer could file only one updated return for each assessment year(AY).