The government introduced the concept of updated return in income tax in the Union Budget 2022.

ITR-U is the new form and taxpayers can use it to file updated income tax returns for the financial year 2019-20 and 2020-21. A taxpayer would be able to file only one updated return for each assessment year.

The taxpayer has to pay an additional 25 per cent interest on the tax due if the updated ITR is filed within 12 months, while interest will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year.

As per latest update on 27.06.2022 on Income Tax Website, ITR U has been enabled for filing. Following is the update:

E-filing of Updated ITR u/s 139(8A) has been enabled for AY 2020-21 and AY 2021-22 using Excel utility for ITR 1 and 4. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. Once Updated ITR is prepared, you can upload the XML/JSON by logging into Income-tax website.