Quick Summary
The Income Tax Department has extended the deadline for filing updated Income Tax Returns (ITR-U) to four years. This means taxpayers can now file or amend returns for Assessment Years 2021-22 through 2024-25, covering financial years from 2020-21 onwards. Filing an updated return allows you to correct errors or omissions in previously filed returns, but it will incur an additional tax. The amount of this additional tax varies depending on how late the updated return is filed, ranging from 25% to 70% of the tax and interest due on the additional income.

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
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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.




About the Author

Finance Professional

I write on Income Tax, TDS, ITR filing, banking rules, investment schemes, and financial law updates in India. My articles simplify complex tax provisions, compliance requirements, and policy changes to help taxpayers, professionals, senior citizens, and businesses stay informed and financially aware.


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