The Central Board of Direct Taxes (CBDT) has now notified a new Form ITR-U for filing updated Income Tax Returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new Form ITR-U will be available to taxpayers for filing updated K Income tax returns for 2019-20 and 2020-21 fiscals. The present article briefs the Form ITR-U for filing Updated Return.
The Government of India provides provisions for taxpayers to claim deductions and benefits from their taxable income or salary, and mandates to file income tax return (ITR) within a stipulated date to avert charges or penal actions.
