https://www.taxtmi.com/article/detailed?id=12429 An updated return (ITR-U) allows taxpayers to correct prior tax returns within a prescribed post assessment period for errors such as misstated income heads, omitted income, carry forward loss adjustments, depreciation changes, and tax credit revisions. Filing is in two parts: Part A requires taxpayer identifiers, eligibility confirmation and reasons for amendment; Part B requires revised income and tax computations, amounts due or refundable, and disclosure of prior tax credits and reliefs. The mechanism is time limited, subject to verification procedures, and attracts penalties and interest for late filing; certain amendments and cases under statutory probes are excluded. en-us Sat, 16 Mar 2024 10:18:00 +0530 Sat, 16 Mar 2024 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12429 An updated return (ITR-U) allows taxpayers to correct prior tax returns within a prescribed post assessment period for errors such as misstated income heads, omitted income, carry forward loss adjustments, depreciation changes, and tax credit revisions. Filing is in two parts: Part A requires taxpayer identifiers, eligibility confirmation and reasons for amendment; Part B requires revised income and tax computations, amounts due or refundable, and disclosure of prior tax credits and reliefs. The mechanism is time limited, subject to verification procedures, and attracts penalties and interest for late filing; certain amendments and cases under statutory probes are excluded. Articles Income Tax Sat, 16 Mar 2024 10:18:00 +0530 https://www.taxtmi.com/article/detailed?id=12429