ITR – U
Eligibility to file ITR - U
- Original return of income
- Belated return
- Revised return
Examples where an update Return may be submitted
- Previous Return not filed
- Choosing the wrong heads of income
- Paid tax at wrong rate
- To reduce carried forward losses
- To reduce the unabsorbed depreciation
- To reduce the tax credit u/s 115JB/115JC
- Income did not declare correctly
Who can not file ITR - U?
- If already filed
- If the updated return value is null
- If the update return value is loss
- If filing an updated return reduces your tax liability compared to the originally filed return
- Search procedure U/S 132 has been started against you
- If assessment/reassessment/revision/re-computation is pending or completed
- etc
Additional tax when filing ITR - U
- 12 months from the end of relevant Assessment year - 25%Â of additional tax + interest
- 24 months from the end of relevant Assessment year - 50%Â Â of additional tax + interest
Documents Required for filing ITR - U form
- PAN Card
- Aadhaar Card
- Bank Statement
- Bank Details
- Proof of investment
- Form 16A/ 16B / 16C
- Other Documents