Have you ever overlooked reporting income or made an error in your Income Tax Return (ITR)? Section 139(8A) within the Income Tax Act provides you with an opportunity to amend your ITR within a two-year period. This two-year duration is calculated from the conclusion of the year in which the initial return was submitted. The introduction of ITR-U aims to enhance tax compliance among taxpayers without triggering legal issues.

You can file an Updated Return if:

• • The ITR was not filed previously.
  • Income was not reported correctly in the initial filing.
  • Incorrect heads of income were chosen.
  • There is a reduction of carried forward loss.
  • There is a reduction of unabsorbed depreciation.
  • There is a reduction of tax credit under sections 115JB/115JC.
  • The wrong rate of tax was applied.