Income-tax (Eleventh Amendment) Rules, 2022

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....e 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:-....

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....neral 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....

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....nabsorbed depreciation - Reduction of tax credit u/s 115JB/115JC - Wrong rate of tax - Others (A11) Are you filing the updated return during the period - upto 12 months from the end of the relevant assessment year - between 12 to 24 months from the end of the relevant assessment year (A12) (a) Are you filing the updated return to reduce carried forward loss or unabsorbed depreciation or tax credit? - Yes - No (b) If yes, please specify the assessment years where carried forward loss or unabsorbed depreciation or tax credit is being affected because of this updated return. (Please select from drop down menu) - Whether revised return has been filed for the AY in (b) above - Yes - No - Whether updated ....

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....t u/s 244A received) (Please see instruction)   7.   Fee for default in furnishing return of income u/s 234F   8.   Regular Assessment Tax, if any (in applicable cases)   9.   Aggregate liability on additional income,       (i) in case refund has been issued [3 + 6ii- (5 + 8)])       (ii) in case refund has not been issued [3 + 6i - (5+8)]   10.   Additional income-tax liability on updated income [25% or 50% of (9-7)]   11.   Net amount payable (9+10)   12.   Tax paid u/s 140B   13.   Tax due (11-12)     14. TAX PA....

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.... i                                     ii                                     iii                                     iv                                     NOTE....