ITR-U was the income tax return form for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession and who are not eligible to file Form ITR-1 or Form ITR-2 for the assessment year 2020-21, which pertains to the financial year 2019-20.
However, it is important to note that the deadline to file income tax return for financial year 2019-20 has already passed, which was extended to 31st December 2020 due to the COVID-19 pandemic. The last date to file a belated return was 31st March 2021. If you have not yet filed your income tax return for financial year 2019-20, you may be liable to pay a penalty and interest on the tax payable.
For the current assessment year, 2021-22, you can file your income tax return using the relevant form for your income sources. You can file Form ITR-1 if you have income from salary, house property, and other sources up to Rs. 50 lakhs. Form ITR-2 is applicable if you have income from capital gains, rental income, or foreign assets. If you have income from business or profession, you can file Form ITR-3 or Form ITR-4, depending on the nature and size of your business.
It is recommended to file your income tax return within the due date to avoid any penalties or interest.