Excel Utilities for Updated Returns in ITR-1 & ITR-2 for AY 2021-22 and 2022-23 Now Available

The Income Tax Department has released Excel utilities for filing updated returns (ITR-U) for Assessment Year (AY) 2021-22 and 2022-23 for ITR-1 and ITR-2. This provides taxpayers with the necessary tools to rectify errors or report additional income not previously declared within the stipulated timeframe. The availability of these utilities is crucial for ensuring compliance under the updated return scheme introduced by the government, which allows taxpayers to correct their returns within two years from the end of the relevant assessment year, promoting voluntary compliance and reducing litigation.