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The Central Board of Direct Taxes issues the Income-tax Eleventh Amendment Rules, 2022 to add rule 12AC and Form ITR-U for filing an updated income return under section 139(8A). Eligible persons file the updated return electronically using a digital signature or an electronic verification code. The rules apply to the assessment year starting on the first day of April 2020 and subsequent assessment years. The Principal Director General of Income-tax Systems specifies procedures and security standards for data transmission and storage.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th April, 2022
G.S.R. 325(E).—In exercise of the powers conferred by sub-section (8A) of section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:-
(2) They shall come into force from the date of their publication in the Official Gazette.
‘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:––
TABLE
| Sl. No. | Person | Manner of furnishing return of income |
|---|---|---|
| (1) | (2) | (3) |
| 1. | Individual, or Hindu undivided family or a firm or limited liability partnership or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person in whose case accounts are required to be audited under section 44AB of the Act or a Company or a political party required to furnish a return in Form ITR-7. | Electronically under digital signature. |
| 2. | Individual, or Hindu undivided family, or firm, or limited liability partnership, or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person, or a person required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, other than a person mentioned in column (2) of Sl. No. (1) above. | (A) Electronically under digital signature; |
| (B) Transmitting the data electronically in the return under electronic verification code. |
Explanation.–– For the purposes of this sub-rule, ―electronic verification code‖ means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems).
(3) The Principal Director-General 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.’.
‘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 12AC of the Income-tax Rules, 1962)
PART A GENERAL INFORMATION – 139(8A)
(A1) PAN
(A2) Name (A3) Aadhaar Number (12 digits)/Aadhaar Enrolment Id (28 digits) (If eligible for Aadhaar No.)
(A4) Assessment Year [Please see instruction]
(A5) whether return previously filed for this assessment year? Yes No
(A6) If yes, Whether filed u/s 139(1) Others
(A7) If applicable, enter form filed, Acknowledgement no. or Receipt No. and Date of filing original return (DD/MM/YYYY) (Please select ITR type from dropdown) Ack no and date of filing / /
(A8) Are you eligible for filing an updated return as per the conditions laid out in first, second and third provisos to section 139(8A)? Yes No
(A9) Please choose the ITR form for updating your income (ITRs 1-7 to be selected from drop-down and filled as per the details made available by e-filing utility – see instruction)
(A10) Reasons for updating your income: Return previously not filed Income not reported correctly Wrong heads of income chosen Reduction of carried forward loss Reduction of unabsorbed 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 return has been filed for the AY in (b) above Yes No
PART B – ATI COMPUTATION OF TOTAL UPDATED INCOME AND TAX PAYABLE
| B. Total income as per last valid return (only in cases where the Income Tax Return has previously been filed) |
|---|
Total income as per Part B-TI (Please see instruction) | | | --- | --- |
Amount payable, if any (To be taken from the ―Amount payable‖ of Part B-TTI of the updated ITR) (Please see instruction) | | | --- | --- |
Amount refundable, if any (To be taken from ―Refund‖ of Part B-TTI of the updated ITR) (Please see instruction) | | | --- | --- |
Amount payable on the basis of last valid return (only in applicable cases) | | | --- | --- |
(i) Refund claimed as per last valid return, if any (Please see instruction) | | | --- | --- | | (ii) Total Refund issued as per last valid return, if any (including interest u/s 244A received) (Please see instruction) | |
Fee for default in furnishing return of income u/s 234F | | | --- | --- |
Regular Assessment Tax, if any (in applicable cases) | | | --- | --- |
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)] | |
Additional income-tax liability on updated income [25% or 50% of (9-7)] | | | --- | --- |
Net amount payable (9+10) | | | --- | --- |
Tax paid u/s 140B | | | --- | --- |
Tax due (11-12) | | | --- | --- |
Relief u/s 89 which is not claimed in earlier return [relief for the same is not to be allowed under section 140B(2)] | Rs. | | --- | --- |
TAX PAYMENTS (ONLY as per Updated Return)
A Details of payments of tax on updated return u/s 140B
TAX PAID U/S 140B
| Sl No | BSR Code | Date of Deposit (DD/MM/YYYY) | Serial Number of Challan | Amount (Rs) | | --- | --- | --- | --- | --- | | (1) | (2) | (3) | (4) | (5) | | i | | | | | | ii | | | | | | iii | | | | | | iv | | | | |
NOTE ► Enter the totals of tax paid u/s 140B at Sl. No.11 of Part B-ATI
