New Rule 12 AC inserted

  1. Form, eligible person & Applicability year

“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 1 st day of April, 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.

  1. Manner of Filing

The return of income shall be furnished by a person by following specified manner :

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.

Manner of furnishing return of income :- 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 above.

Manner of furnishing return of income :-

(A) Electronically under digital signature; (B) Transmitting the data electronically in the return under electronic verification code.

  1. 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.
  2. 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 12AC of the Income-tax Rules, 1962)