The Income Tax Department has introduced a new version of the Income Tax Updated Return form, called ITR-U. This updated form, effective from April 1, 2025, reflects changes announced in Budget 2025. One of the key highlights is that taxpayers now get more time up to 48 months to file updated returns, a significant extension from the earlier 24-month limit.
You can now file updated ITRs for the assessment years 2021–22 to 2024–25. The ITR-U form lets you fix mistakes or add missing information in your earlier tax returns. If you missed filing your ITR in any of those years, ITR-U gives you a chance to set things right and fulfil your tax duties.
– More Time to File: You now have up to 48 months (4 years) to file your updated return, thanks to changes in the Finance Act, 2025.
– Extra Tax for Late Filing: Filing in the 3rd year means paying an additional 60% income tax.
– Filing in the 4th year means paying an extra 70%.
– New Rule on Notices: You can’t file ITR-U if a show-cause notice under Section 148A is issued after 36 months from the end of the relevant assessment year. But if that notice is later found invalid, you can still file within 48 months.
– Tax Amendments: Section 140B now clearly states the extra tax you’ll pay if you file late.
– Rule Updates: Rule 12AC has been updated to match these changes.
The Income Tax Department has released all seven income tax return (ITR) forms for the assessment year 2025-26. While filing isn’t open yet, it’s a good time to find out which form applies to you. Most individual taxpayers will need to file their returns by July 31, 2025. However, deadlines may vary for other categories like companies or those who need audits.
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