New Delhi: The Income Tax department has notified ITR-U which will allow taxpayers to file updated returns for 4 years from the end of relevant assessment year (AY). The Finance Act, 2025, had extended the time period for filing updated returns (ITR-U) to 48 months from 24 months from the end of relevant AY.
For ITR-U filed within 12 months and 24 months of the end of relevant AY, 25 per cent and 50 per cent additional tax respectively have to be paid. For ITR-U filed within 36 months and 48 months, 60 per cent and 70 per cent additional tax will have to be paid by a taxpayer.
In the last 3 years, about 90 lakh such returns were filed. Rs 8,500 crore additional revenues were garnered.
The Finance Act, 2025, had extended the time period for filing updated returns (ITR-U) to 48 months from 24 months from the end of relevant AY. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
