Vikrant Shekhawat : Dec 28, 2023, 09:05 AM
Business News: ITR-U or Income Tax Return Unicode (Unified) form has been prepared by the Indian Income Tax Department to provide an opportunity to those people who have made any error in their income tax return or have made any mistake in their income tax return. Want to change the information. ITR-U ensures that any mistakes or contrary information that was there in the earlier income tax return is corrected. It contains both old return information and correct information. You have to file an updated Income Tax Return or ITR-U form following the instructions of the Income Tax Department.ITR-U is a lifeline for these peopleIf a person does not file income tax returns in the legal manner, and if the Income Tax Department detects the errors in a legal manner, he can face a penalty of up to 300%. Therefore, it is extremely important to file income tax returns on time and with correct information. Updated ITR or ITR-U can be filed when a person has filed the original ITR by the due date, or has filed a revised ITR or delayed ITR, or has made a default in filing any ITR. The last filing date of ITR-U is within 24 months from the end of the assessment year (AY). Filed an updated ITR (ITR-U) for FY 2020-21 (AY 2021-22) and FY 2021-22 (AY 2022-23) up to the current FY 2023-24 (AY 2024-25) May go.ITR-U will not work for this financial yearIf a person has missed filing the original ITR, he has the right to file a delayed ITR between August 1 and December 31. This date is till 31 December 2023. Please note that ITR-U cannot be filed until the deadline for revised and delayed ITR expires. This means that the individual can file ITR-U for FY 2022-23 (AY 2023-24) only from April 1, 2024 to March 31, 2026.