New ITR form released on 19th April 2022 for filing updated return of income for the assessment year commencing on 1st April 2020 and subsequent assessment years i.e. from the financial year 2019-2020 onwards

From whom is this ITR-U useful?

1. Return of Income not previously filed
2. Incorrect income reported
3. Incorrect head of income chosen in the previous return filed.
4. Reduction of carried forward loss
5. Reduction of unabsorbed depreciation
6. Reduction in tax credit u/s 115 JB/JC
7. Wrong rate of tax

Applicable ITR forms also need to be filed along with ITR-U.

You cannot file a “Nil” Return or claim an increased refund or file for a reduction of tax liability.

*Late fees are also applicable