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Through CBDT NN. 48/2022 dated 29.04.2022 notified ITR-U and Rule 12AC for filing updated return u/s 139(8A) relating to AY2020-21 and subsequent AYs. Further, ITR-U has to be chosen by the eligible person as the reason for updating ITR from the following-
- Return not filed earlier,
- Income not reported correctly
- Wrong head of income or chosen tax rate,
- carry forward loss or unabsorbed depreciation or reduction in tax credit under section 115JB/115JC
- other
Also, if the filing of updated ITR leads to further loss or reduction in unabsorbed depreciation or tax credit, the assessee is also required to specify the assessment year to be affected due to the updated return.
Further, specific disclosure is required whether the updated ITR is being filed during the period up to 12 months or between 12 to 24 months from the end of the relevant assessment year;
For details, please refer to Notification No. 48/2022 dated. April 29, 2022 at the link given below –https://incometaxindia.gov.in/Communications/Notification/notification-48-2022.pdf
PDF version attached: https://www.dpncindia.com/blog/wp-content/uploads/2022/05/CBDT-notify-ITR-U-for-filing-updated-ITR-under-section1398A.pdf
Disclaimer:
The information given here is in summary form based on the interpretation of CBDT notification no. 48/2022 dated April 29, 2022. While the information is believed to be accurate to the best of our knowledge, we make no representations or warranties, express or implied, as to the accuracy or completeness of this information. The reader should conduct and rely on his own examination and analysis and is advised to seek his own professional advice. This document is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any error contained herein, whether due to negligence or otherwise or for any damages, whether caused or sustained by a person dependent on it.
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