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of <h1>New Rule 12AC: File Updated Income Tax Returns with Form ITR-U for Years from April 1, 2020, Onwards.</h1> The Income-tax (Eleventh Amendment) Rules, 2022, effective from April 29, 2022, introduce a new rule 12AC in the Income-tax Rules, 1962. This rule allows eligible individuals and entities to file an updated return of income using Form ITR-U for assessment years starting April 1, 2020, and onwards. The return can be filed electronically, either under digital signature or with an electronic verification code. The amendment specifies procedures for secure data handling and introduces Form ITR-U for updating income within 24 months from the end of the relevant assessment year. It outlines the process for computing total updated income and tax payable.
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