Updated Income Tax Returns / ITR-U: The Income Tax Department on Monday (March 4) said that the taxpayers whose cases have been marked under the e-verification scheme, they can file updated ITR for AY 2021-22 by March 31.
New Delhi. There is useful news for taxpayers filing income tax returns. The Income Tax Department said on Monday (March 4) that the taxpayers whose cases have been marked under the e-verification scheme, they can file updated income tax return (Updated ITR) for assessment year 2021-22 by March 31.
There is a difference between the information about financial transactions recorded in some ITRs filed by the Central Board of Direct Taxes i.e. CBDT for the assessment year 2021-22 (Financial Year 2020-21) and the information available with the department.
As part of the e-Verification Scheme-2021, Income Tax Department (ITD) is in the process of sending communication to taxpayers pertaining to ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-à-vis information of specified financial transactions, as… pic.twitter.com/Vrfz3pZMRz
— Income Tax India (@IncomeTaxIndia) March 4, 2024
In cases where returns have not been filed for assessment year 2021-22, but the department has information about high value financial transactions, they should also be scrutinized. In such a situation, under the E-Verification Scheme-2021, the department is sending information to the taxpayers regarding the mismatched information. The Income Tax Department has asked such taxpayers to file updated ITR.
What is ITR-U?
Updated income tax return is called ITR-U or Updated ITR. These returns can be made to correct any mistakes in your previously filed tax return such as under-reporting of income or wrong reporting.
Who can file ITR-U or Updated ITR?
An ITR-U or Updated ITR can be filed by a person who had filed Basic ITR by the due date or filed Late ITR or missed filing ITR on the due date, they can also file this ITR.
