{"id":8017,"date":"2023-11-16T07:03:03","date_gmt":"2023-11-16T07:03:03","guid":{"rendered":"https:\/\/www.tankhapay.com\/blog\/?p=8017"},"modified":"2024-09-20T11:22:53","modified_gmt":"2024-09-20T11:22:53","slug":"itr-u-form","status":"publish","type":"post","link":"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/","title":{"rendered":"What is ITR-U Form? How to File &#038; Eligibility"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_78 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_is_ITR_U\" >What is ITR U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_is_Section_1398A\" >What is Section 139(8A)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Who_is_Eligible_to_File_ITR-U\" >Who is Eligible to File ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Who_is_Ineligible_to_File_ITR-U\" >Who is Ineligible to File ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_is_the_Deadline_for_Filing_ITR_U\" >What is the Deadline for Filing ITR U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#How_to_File_Form_ITR-U\" >How to File Form ITR-U?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Part_A_%E2%80%93_General_Information_ITR-U\" >Part A &#8211; General Information (ITR-U)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Part_B_%E2%80%93_Computation_of_Updated_Income_and_Tax_Payable_ITR-U\" >Part B \u2013 Computation of Updated Income and Tax Payable (ITR-U)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#FAQs_on_ITR_U\" >FAQs on ITR U<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_is_Form_ITR-U\" >What is Form ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Is_there_any_penalty_for_ITR-U\" >Is there any penalty for ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_a_nil_return_be_filed_in_ITR-U\" >Can a nil return be filed in ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_are_the_benefits_of_filing_Form_ITR-U\" >What are the benefits of filing Form ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_file_ITR-U_if_I_missed_the_original_due_date\" >Can I file ITR-U if I missed the original due date?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_a_refund_be_claimed_in_ITR-U\" >Can a refund be claimed in ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_exhaust_my_balance_Tax_Payment_Challans_and_claim_them_under_ITR-U\" >Can I exhaust my balance Tax Payment Challans and claim them under ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_claim_an_extra_carry-forward_loss_under_ITR-U\" >Can I claim an extra carry-forward loss under ITR-U?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_file_ITR-U_if_I_have_no_tax_payable\" >Can I file ITR-U if I have no tax payable?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_file_ITR-U_if_my_income_is_below_5_lakhs_and_I_claimed_rebate_us_87A\" >Can I file ITR-U if my income is below 5 lakhs and I claimed rebate u\/s 87A?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#Can_I_change_the_ITR_form_number_when_filing_an_ITR-U_or_updated_return\" >Can I change the ITR form number when filing an ITR-U or updated return?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/#What_is_the_due_date_for_AY_2023-24\" >What is the due date for AY 2023-24?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>The ITR-U form serves as a pivotal tool for individuals seeking to amend their income tax returns by addressing inaccuracies or omissions within a permissible timeframe of up to two years from the conclusion of the relevant assessment year. The government officially introduced the incorporation of updated returns in the Union Budget of 2022, marking a noteworthy enhancement in the tax filing process.<\/p>\n<p>Read on to take a deeper dive into the nuances of the ITR-U form in our upcoming article, where we shed light on its significance and guide you through the intricacies of rectifying errors to ensure a seamless tax filing experience.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_ITR_U\"><\/span>What is ITR U?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Have you ever found yourself in a situation where you either forgot to report certain income or made inadvertent mistakes in your Income Tax Return (ITR)? This is where Section 139(8A) of the Income Tax Act offers you a valuable opportunity to rectify such oversights within a window of two years. This period is calculated from the conclusion of the year in which the initial return was filed.<\/p>\n<p>Enter ITR-U, a solution introduced to streamline tax compliance without triggering legal repercussions. According to Income Tax laws, the deadline to file ITR under Section 139(1) for the financial year 2021-22 (Assessment Year 2022-23) was set for 31 July 2022. Subsequently, a belated return could be submitted until 31 December 2022 for those who missed the original deadline. This extension also allowed for the submission of revised returns, enabling individuals to rectify errors or omissions made in their initial ITR filings.<\/p>\n<p>The government, in its Union Budget for 2022, introduced the ITR U form, designed specifically for updating income tax returns. Serving as a lifeline for those who failed to file their ITRs or inadvertently entered inaccurate information, the ITR-U form is a key component in optimising the tax compliance process.<\/p>\n<p>ITR-U allows taxpayers to amend errors or omissions in their ITRs within a two-year timeframe from the conclusion of the relevant assessment year. For example, for the assessment year 2021-22, an updated return can be submitted by 31 March 2024 for individuals who overlooked reporting certain income.<\/p>\n<p>This holds true regardless of whether the taxpayer filed an original, belated, or revised ITR, or even if they missed filing the ITR altogether in a specific financial year. Stay informed as we delve deeper into the intricacies of ITR-U and guide you through the process of updating your income tax returns effectively.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Section_1398A\"><\/span>What is Section 139(8A)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Section 139(8A) of the Income Tax Act provides individuals with an opportunity to amend or update their Income Tax Returns (ITR) within a timeframe of two years, specifically within 24 months from the conclusion of the relevant assessment year. This provision, under Section 139(8A), enables taxpayers to rectify any errors or incorporate necessary updates in their original return without being subjected to legal consequences for providing inaccurate information.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_Eligible_to_File_ITR-U\"><\/span>Who is Eligible to File ITR-U?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>ITR-U, or an Updated Return, can be filed by individuals who have identified errors or omissions in any of the following types of returns:<\/strong><\/p>\n<ul>\n<li>Original return of income,<\/li>\n<li>Belated return, or<\/li>\n<li>Revised return.<\/li>\n<\/ul>\n<p><strong>An Updated Return is applicable in the following scenarios:<\/strong><\/p>\n<ul>\n<li>Failure to file the return within the deadline or the belated return deadline.<\/li>\n<li>Incorrect declaration of income.<\/li>\n<li>Selection of the wrong head of income.<\/li>\n<li>Incorrect tax rate payment.<\/li>\n<li>Adjustment of carried forward loss.<\/li>\n<li>Adjustment of unabsorbed depreciation.<\/li>\n<li>Adjustment of tax credit under sections 115JB\/115JC.<\/li>\n<\/ul>\n<p>It&#8217;s important to note that a taxpayer can file only one updated return for each assessment year (AY).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_Ineligible_to_File_ITR-U\"><\/span>Who is Ineligible to File ITR-U?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ITR-U cannot be filed under the following circumstances:<\/p>\n<ul>\n<li>An updated return has already been filed.<\/li>\n<li>Filing a nil return or a loss return.<\/li>\n<li>Seeking to claim or enhance the refund amount.<\/li>\n<li>When the updated return results in a lower tax liability.<\/li>\n<li>If a search proceeding under section 132 has been initiated against you.<\/li>\n<li>Conduct of a survey under section 133A.<\/li>\n<li>Seizure or requisition of books, documents, or assets by Income Tax authorities under section 132A.<\/li>\n<li>Pending or completed assessment, reassessment, revision, or recomputation.<\/li>\n<li>When there is no additional tax liability (if the tax liability is adjusted with TDS credit\/losses and there is no additional tax liability, an Updated ITR cannot be filed).<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_Deadline_for_Filing_ITR_U\"><\/span>What is the Deadline for Filing ITR U?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The time limit for filing an updated return under Section 139 (8A) is 24 months from the conclusion of the relevant assessment year. Here is a breakdown of the last dates for filing updated ITRs:<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Assessment Year<\/b><\/th>\n<th><b>Last Date of Updated ITR Filing<\/b><\/th>\n<\/tr>\n<tr>\n<td>AY (2020-21)<\/td>\n<td>31 March 2023<\/td>\n<\/tr>\n<tr>\n<td>AY (2021-22)<\/td>\n<td>31 March 2024<\/td>\n<\/tr>\n<tr>\n<td>AY (2022-23)<\/td>\n<td>31 March 2025<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"How_to_File_Form_ITR-U\"><\/span>How to File Form ITR-U?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Form ITR-U requires taxpayers to provide additional details when filing an updated return. Here is a breakdown of the key sections in ITR-U:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Part_A_%E2%80%93_General_Information_ITR-U\"><\/span><b>Part A &#8211; General Information (ITR-U)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Enter your Permanent Account Number (PAN).<\/li>\n<li>Provide your Aadhaar Number.<\/li>\n<li>Mention the Assessment Year for which the return is being filed.<\/li>\n<li>Indicate whether the return was previously filed for this assessment year. If yes, provide details of the previous filing, including the form filed, Acknowledgement\/Receipt No., and Date of filing.<\/li>\n<li>Confirm your eligibility for filing an updated return.<\/li>\n<li>Specify the reasons for updating income, such as returns not previously filed, incorrect income reporting, etc.<\/li>\n<li>Specify whether the updated return is filed within 12 months or between 12 to 24 months from the end of the relevant Assessment Year.<\/li>\n<li>Specify if the updated return is filed to reduce carried forward loss, unabsorbed depreciation, or claim tax credit.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Part_B_%E2%80%93_Computation_of_Updated_Income_and_Tax_Payable_ITR-U\"><\/span><b>Part B \u2013 Computation of Updated Income and Tax Payable (ITR-U)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Indicate the head of income under which additional income is being reported.<\/li>\n<li>Compare the total income as per the last valid return and as per Part B-TI of the updated return.<\/li>\n<li>Calculate the amount payable or refundable based on the updated income.<\/li>\n<li>Provide details of tax paid under section 140B and any payments of Advance Tax, Self-Assessment Tax, or Regular Assessment Tax not claimed in the earlier return.<\/li>\n<li>Determine the additional income-tax liability on the updated income.<\/li>\n<li>Calculate the net amount payable or refundable.<\/li>\n<li>Specify details of tax due and tax credits under sections 140B(2) and 89.<\/li>\n<\/ul>\n<p><b>Note:<\/b> Be mindful of the instructions and guidelines provided while filling out each section of the form.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_ITR_U\"><\/span>FAQs on ITR U<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<style>#sp-ea-8022 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 300ms;}#sp-ea-8022.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-8022.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-8022.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-8022.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-8022.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1700117883\"><div id=\"sp-ea-8022\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card ea-expand sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_Form_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80220\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80220\" aria-controls=\"collapse80220\" href=\"#\" aria-expanded=\"true\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-minus\"><\/i> What is Form ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse collapsed show\" id=\"collapse80220\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80220\"> <div class=\"ea-body\"><p>Form ITR-U is designed for updating previous returns within 24 months of filing, aiming to enhance taxpayer compliance without resorting to litigation.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Is_there_any_penalty_for_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80221\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80221\" aria-controls=\"collapse80221\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Is there any penalty for ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80221\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80221\"> <div class=\"ea-body\"><p>No penalty is incurred for filing ITR-U. However, an additional tax under section 140B may apply, ranging from 25% to 50% of the tax and interest due, depending on whether the ITR-U is filed within 12 or 24 months from the end of the relevant assessment year.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_a_nil_return_be_filed_in_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80222\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80222\" aria-controls=\"collapse80222\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can a nil return be filed in ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80222\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80222\"> <div class=\"ea-body\"><p>No, filing a Nil return in ITR-U is not possible. ITR-U is intended for situations involving additional tax outflow.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_filing_Form_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80223\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80223\" aria-controls=\"collapse80223\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What are the benefits of filing Form ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80223\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80223\"> <div class=\"ea-body\"><p>There are multiple benefits to filing Form ITR U:<\/p><ul><li><strong>Extended Filing Window:<\/strong> Taxpayers enjoy an additional 24 months beyond the original, belated, or revised ITR filing deadlines to submit their Income Tax Returns.<\/li><li><strong>Reporting Missed Income:<\/strong> Filing an Updated Return allows taxpayers to disclose any overlooked income, enabling them to fulfil their tax obligations and reducing the likelihood of future tax notices and legal disputes.<\/li><li><strong>Reduced Tax Liability and Penalties:<\/strong> The tax liability and penalties associated with an Updated Return are typically lower than those incurred in proceedings related to undisclosed income or income escaping assessment.<\/li><\/ul><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_file_ITR-U_if_I_missed_the_original_due_date\"><\/span><a class=\"collapsed\" id=\"ea-header-80224\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80224\" aria-controls=\"collapse80224\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I file ITR-U if I missed the original due date?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80224\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80224\"> <div class=\"ea-body\"><p>Yes, ITR-U can be filed even if the original deadline is missed. However, late filing fees under u\/s 234F and additional liability of 25% or 50% on the tax payable will apply.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_a_refund_be_claimed_in_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80225\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80225\" aria-controls=\"collapse80225\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can a refund be claimed in ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80225\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80225\"> <div class=\"ea-body\"><p>No, ITR-U cannot be used to claim a refund, increase the refund amount, file a nil return, or submit a loss return.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_exhaust_my_balance_Tax_Payment_Challans_and_claim_them_under_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80226\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80226\" aria-controls=\"collapse80226\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I exhaust my balance Tax Payment Challans and claim them under ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80226\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80226\"> <div class=\"ea-body\"><p>No, pending Advance Tax or Self-Assessment Tax challans should be reported under u\/s 140B(2), and credit will not be provided.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_claim_an_extra_carry-forward_loss_under_ITR-U\"><\/span><a class=\"collapsed\" id=\"ea-header-80227\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80227\" aria-controls=\"collapse80227\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I claim an extra carry-forward loss under ITR-U?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80227\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80227\"> <div class=\"ea-body\"><p>No, according to section 139(8A), you cannot increase your carryforward loss; you can only reduce the existing balance.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_file_ITR-U_if_I_have_no_tax_payable\"><\/span><a class=\"collapsed\" id=\"ea-header-80228\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80228\" aria-controls=\"collapse80228\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I file ITR-U if I have no tax payable?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80228\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80228\"> <div class=\"ea-body\"><p>No, if your total tax is offset with TDS credits, and there is no additional tax liability, filing an updated return is not possible.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_file_ITR-U_if_my_income_is_below_5_lakhs_and_I_claimed_rebate_us_87A\"><\/span><a class=\"collapsed\" id=\"ea-header-80229\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse80229\" aria-controls=\"collapse80229\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I file ITR-U if my income is below 5 lakhs and I claimed rebate u\/s 87A?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse80229\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-80229\"> <div class=\"ea-body\"><p>Yes, you can file the updated return, but you'll be liable for late filing fees. Payment details must be updated under the \"Taxes Paid under 140B\" tab.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_I_change_the_ITR_form_number_when_filing_an_ITR-U_or_updated_return\"><\/span><a class=\"collapsed\" id=\"ea-header-802210\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse802210\" aria-controls=\"collapse802210\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can I change the ITR form number when filing an ITR-U or updated return?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse802210\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-802210\"> <div class=\"ea-body\"><p>Yes, if the original ITR was filed as ITR-1, and the updated return shifts to ITR 2\/3\/4 due to additional income sources, such a change will be accepted.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_due_date_for_AY_2023-24\"><\/span><a class=\"collapsed\" id=\"ea-header-802211\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse802211\" aria-controls=\"collapse802211\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the due date for AY 2023-24?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse802211\" data-parent=\"#sp-ea-8022\" role=\"region\" aria-labelledby=\"ea-header-802211\"> <div class=\"ea-body\"><p>The due date for filing an Updated Return in Form ITR-U for the Assessment Year 2023-24 is 31st March 2026. Taxpayers have until this date, which is 24 months from the end of the relevant Assessment Year (31st March 2024), to submit their Updated Return.<\/p><\/div><\/div><\/div><script type=\"application\/ld+json\">{ \"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"@id\": \"sp-ea-schema-8022-6a13c7a94b675\", \"mainEntity\": [{ \"@type\": \"Question\", \"name\": \"What is Form ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Form ITR-U is designed for updating previous returns within 24 months of filing, aiming to enhance taxpayer compliance without resorting to litigation.\" } },{ \"@type\": \"Question\", \"name\": \"Is there any penalty for ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No penalty is incurred for filing ITR-U. 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ITR-U is intended for situations involving additional tax outflow.\" } },{ \"@type\": \"Question\", \"name\": \"What are the benefits of filing Form ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"There are multiple benefits to filing Form ITR U:<ul><li><strong>Extended Filing Window:<\/strong>Taxpayers enjoy an additional 24 months beyond the original, belated, or revised ITR filing deadlines to submit their Income Tax Returns.<\/li><li><strong>Reporting Missed Income:<\/strong>Filing an Updated Return allows taxpayers to disclose any overlooked income, enabling them to fulfil their tax obligations and reducing the likelihood of future tax notices and legal disputes.<\/li><li><strong>Reduced Tax Liability and Penalties:<\/strong>The tax liability and penalties associated with an Updated Return are typically lower than those incurred in proceedings related to undisclosed income or income escaping assessment.<\/li><\/ul>\" } },{ \"@type\": \"Question\", \"name\": \"Can I file ITR-U if I missed the original due date?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Yes, ITR-U can be filed even if the original deadline is missed. However, late filing fees under u\/s 234F and additional liability of 25% or 50% on the tax payable will apply.\" } },{ \"@type\": \"Question\", \"name\": \"Can a refund be claimed in ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No, ITR-U cannot be used to claim a refund, increase the refund amount, file a nil return, or submit a loss return.\" } },{ \"@type\": \"Question\", \"name\": \"Can I exhaust my balance Tax Payment Challans and claim them under ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No, pending Advance Tax or Self-Assessment Tax challans should be reported under u\/s 140B(2), and credit will not be provided.\" } },{ \"@type\": \"Question\", \"name\": \"Can I claim an extra carry-forward loss under ITR-U?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No, according to section 139(8A), you cannot increase your carryforward loss; you can only reduce the existing balance.\" } },{ \"@type\": \"Question\", \"name\": \"Can I file ITR-U if I have no tax payable?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"No, if your total tax is offset with TDS credits, and there is no additional tax liability, filing an updated return is not possible.\" } },{ \"@type\": \"Question\", \"name\": \"Can I file ITR-U if my income is below 5 lakhs and I claimed rebate u\/s 87A?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Yes, you can file the updated return, but you'll be liable for late filing fees. Payment details must be updated under the 'Taxes Paid under 140B' tab.\" } },{ \"@type\": \"Question\", \"name\": \"Can I change the ITR form number when filing an ITR-U or updated return?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Yes, if the original ITR was filed as ITR-1, and the updated return shifts to ITR 2\/3\/4 due to additional income sources, such a change will be accepted.\" } },{ \"@type\": \"Question\", \"name\": \"What is the due date for AY 2023-24?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"The due date for filing an Updated Return in Form ITR-U for the Assessment Year 2023-24 is 31st March 2026. Taxpayers have until this date, which is 24 months from the end of the relevant Assessment Year (31st March 2024), to submit their Updated Return.\" } }] }<\/script><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\">The ITR-U form serves as a pivotal tool for individuals seeking to amend their income tax returns b\u2026<\/div>","protected":false},"author":1,"featured_media":8026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[],"class_list":["post-8017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-support"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is ITR-U Form? How to File &amp; Eligibility<\/title>\n<meta name=\"description\" content=\"Discover the advantages of filing Form ITR-U, with an extended 24-month window, reduced tax liabilities, and minimised risks of future tax issues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tankhapay.com\/blog\/itr-u-form\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is ITR-U Form? How to File &amp; Eligibility\" \/>\n<meta property=\"og:description\" content=\"Discover the advantages of filing Form ITR-U, with an extended 24-month window, reduced tax liabilities, and minimised risks of future tax issues. 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