A new notice has been issued by the Income Tax Department for a new form, mentioning the documents that need to be submitted by the taxpayers for filing updated IT returns- Where taxpayers need to mention the exact reasons for filing it along with the amount of income to be offered as tax.

The reasons given in the ITR-U form also include reduction of unabsorbed depreciation or reduction of tax credit u/s 115JB/115JC or wrong rate of tax or any other reasons given by the taxpayers.

The Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping correct any discrepancy or omissions.

File Income Tax Return with an advance form online Now.