The Importance Of A CA In Company Registration: What It Means For Your Business
Every business entrepreneur must be familiar with The Companies Act and the importance of registering their company as per the guidelines in the ac
What is ITR U and Time limit for filing the return.
ITR U is update your income tax return. Section 139(8A) of IT act allow person who fail to file their return within prescribed time , then they can file return within 24 month from the end of relevant assessment year
ITR-U is applicable from 1st April 2022. So during the current financial year 2022-23, you can file ITR-U for AY 2020-21 and AY 2021-22.
How much additional tax
Additional tax is 25 percent upto 12 months and 50 percent tax if late will be after 12 months but before 24 months.
Who is Eligible to File Form ITR-U?
Any person haveĀ error or omitted in original return, revise return or belated return
Who is not Eligible to File Form ITR-U?
ITR-U cannot be filed in the following cases: