CBDT vide NN. 48/2022 dt. 29.04.2022 notified ITR -U and Rule 12AC whereby updated return u/s 139(8A) relating to AY2020-21 and subsequent AY can be filed. Further, ITR-U requires to choose from the following as the reason for updating the ITR by the eligible person-
- Return previously not filed,
- Income not reported correctly,
- Wrong heads of income or rate of tax chosen,
- Reduction of carried forward loss or unabsorbed depreciation or tax credit u/s 115JB/115JC
Also, in case filing of updated ITR leads to reduction in carried forward loss or unabsorbed depreciation or tax credit, the assessee is also required to specify the AYs getting affected due to the updated return.
Further, specific disclosure is required whether the updated ITR is being filed during the period upto 12 months or between 12 to 24 months from the end of the relevant assessment year;
For details, please refer Notification No. 48/2022 dt. 29th April, 2022 at link below –https://incometaxindia.gov.in/Communications/Notification/notification-48-2022.pdf
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