The Finance Act, 2022 had introduced a new concept of updated return, wherein it allows upto 24 months to file the return of income. The CBDT has vide Notification No. 48/2022-Income Tax dated 29.04.2022 has notified a new Rule 12AC and new Form ITR-U in regard to the form and Manner for filing updated Income Tax return. Updated return can be filed from the assessment year 2020-21 onwards. Return shall be filed in form no. ITR-U alongwith applicable ITR form from ITR-1 to ITR-7.
The notification is reproduced as under for ready reference of our readers:
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 48/2022-Income Tax | Dated: 29th April, 2022
G.S.R. 325(E).—In exercise of the powers conferred by sub-section (8A) of section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-
1. Short title and commencement.—(1) These rules may be called the Income-tax (Eleventh Amendment) Rules, 2022.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), after rule 12AB, the following rule shall be inserted, namely,–
“12AC. Updated return of income.– (1) The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.
(2) The return of income referred to in sub-rule (1) shall be furnished by a person, mentioned in column (2) of the Table below in the manner specified in column (3) thereof:––
Explanation.–– For the purposes of this sub-rule, “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).
(3) The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the return in the manners specified in column (3) of the Table.’.
3. In the principal rules, in Appendix-II, after the ITR-Ack, the following Form ITR-U (ITR for updated return) shall be inserted, namely:—
Form ITR-U
INDIAN INCOME TAX UPDATED RETURN
[For persons to update income within twenty-four months from the end of the relevant assessment year] (Refer instructions for eligibility)
(Please see rule 12AC of the Income-tax Rules, 1962)
ITR-U form and Notification is given as under:
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Frah Saeed is a law graduate specializing in the core field of indirect taxes and is the Co-founder of taxwallah.com. She has authored many publications on GST and is into full-time consultancy on GST to big corporates. She as a part of taxwallah.com heads a team comprising of Chartered Accountants and Advocates and plays a key role in our mission to disseminate GST knowledge to all.
