Quick Summary
Income Tax Department has notified a new form via Notification No. 49/2025 dated 19th May 2025 which has now been extended to 4 years.Applicable Years To File ReturnsNow, returns can be filed for Assessment Year 2021-22 to 2024-25, i.e., from FY 2020-21 onward. Budget 2025 Update Time Limit
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
Buy CCI PRO Now
Already a PRO member? Login here for an ad-free experience.
An updated Income Tax Return (ITR-U) is a facility that allows taxpayers to correct or report any errors or omissions in their previously filed income tax returns. It can be filed by anyone, whether they filed an original, revised, or belated return, or if they didn't file a return at all.
The time limit for filing updated returns has been extended to 48 months (4 years) from the end of the relevant assessment year. This applies to returns from Assessment Year 2021-22 (FY 2020-21) up to Assessment Year 2024-25.
The additional tax payable depends on when the updated return is filed. It ranges from 25% of the tax and interest payable on the additional income if filed within 12 months of the relevant AY's end, up to 70% if filed between 36 and 48 months.
An updated return cannot be filed if it is a Nil return, a return of loss, if it reduces the total tax liability or increases the refund amount compared to the original return, or if search and seizure or prosecution proceedings have been initiated against the taxpayer.
No, you cannot file an updated return if your total tax liability is adjusted with TDS credit and you do not have any additional tax payable.
CAclubindia
