There are many Taxpayers who has escaped the income intentionally or unintentionally by not declaring the Saving Interest, Fixed Deposit Interest, Capital gain transactions, Purchase or sale of immovable properties and other as specified by the department under high value transactions. Taxpayers are getting the email/sms alert from the department about these high transactions value.

However, since the date of revision of income tax returns i.e. 31st march 2022 is over so taxpayers was in dilemma that how to revise or deposit the tax amount.

Now the government has come with a solution to file the Updated Tax Return in Form ITR-U along with applicable ITR Forms (I.e. ITR-1,2,3,4,5,6,7 as applicable)

Income Tax department has notified a new form for filing updated I-T 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 income tax returns for 2019-20 and 2020-21 fiscals.

Updated Income Tax Return can be filed from the AY 2020-21-ITR-U along with applicable ITR-1 to ITR-7 on account of Below

• Return not filed
• Income not reported correctly
• wrong heads of income
• Reduction of c/f Loss
• Reduction of Unabsorbed Dep.
• Reduction of Tax Credit
• Wrong tax

People can now deposit the tax can relax by reducing the chances of any further notices.