ITR-U: There is useful news for taxpayers filing income tax returns. The Income Tax Department on Monday (March 4) said that taxpayers whose cases have been marked under the e-verification scheme will file updated income tax returns (Updated ITR) for the assessment year 2021-22 Can file till March 31.
There is a difference between the information about financial transactions recorded in some ITRs filed by the Central Board of Direct Taxes i.e. CBDT for the assessment year 2021-22 (Financial Year 2020-21) and the information available with the department.
In cases where returns have not been filed for assessment year 2021-22, but the department has information about high value financial transactions, they should also be scrutinized. In such a situation, under the E-Verification Scheme-2021, the department is sending information to the taxpayers regarding the mismatched information. The Income Tax Department has asked such taxpayers to file updated ITR.
What is ITR-U ?
Updated income tax return is called ITR-U or Updated ITR. These returns can be made to correct any mistakes in your previously filed tax return such as under-reporting of income or wrong reporting.
