https://www.taxtmi.com/article/detailed?id=12087 ITR-U allows taxpayers to update prior income-tax returns within two years from the end of the year of original filing to correct omissions, errors, misclassification of income heads, adjust carried forward losses, unabsorbed depreciation, and tax credits, and to rectify tax-rate application. The form requires Part A identification and eligibility information and Part B updated income and tax liability calculations; filing within the two-year window triggers additional tax and interest, with a lower additional-tax charge for earlier updates and a higher charge for later updates. en-us Fri, 01 Dec 2023 10:08:31 +0530 Fri, 01 Dec 2023 10:08:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12087 ITR-U allows taxpayers to update prior income-tax returns within two years from the end of the year of original filing to correct omissions, errors, misclassification of income heads, adjust carried forward losses, unabsorbed depreciation, and tax credits, and to rectify tax-rate application. The form requires Part A identification and eligibility information and Part B updated income and tax liability calculations; filing within the two-year window triggers additional tax and interest, with a lower additional-tax charge for earlier updates and a higher charge for later updates. Articles Income Tax Fri, 01 Dec 2023 10:08:31 +0530 https://www.taxtmi.com/article/detailed?id=12087