Central Board of Direct Taxes further amends Income Tax Rules, 1962 to specify the Form for filing an updated return
Central Board of Direct Taxes (CBDT) had issued Notification No. 48/2022 dated 29th April, 2022 to further amend Income tax Rules, 1962. As per the amendment, after Rule 12AB, a new Rule 12 AC i.e. “Updated return of income” has been inserted.
As per the inserted Rule, –
1. As per Sub rule 1, the return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139 of Income Tax Act, 1961*, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years, shall be in Form ITR-U and can be verified in the manner indicated therein.
2. As per Sub Rule 2, the return of income referred to in point 1 above shall be furnished by company electronically under digital signature.
3. As per Sub Rule 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 above.
For further details and relevant Form (ITR-U), please refer the attached document
=========
Under sub-section (8A) of section 139*– Any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or subsection (5) of Section 139 for an assessment year (herein referred to as the relevant assessment year), may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form, verified in such manner and setting forth such particulars as may be prescribed, at any time within twenty-four months from the end of the relevant assessment year.
Source: Central Board of Direct Taxes (CBDT)
