-
Jul 30, 2025
-
Income Tax Department enables updated return filing for these two years: Check details
The Income Tax Department has now enabled utilities for filing updated income tax returns (ITR-U) in ITR-1 and ITR-2 for the assessment years (AY) 2021-22 and 2022-23 as per Finance Act, 2025.
Union Budget 2025 announced that taxpayers will now have up to 48 months from the end of the relevant assessment year to file an updated return under Section 139 (8A) of the Income Tax Act. This extended time allows individuals to fix errors or omissions in their previous filings by paying more taxes, even if they did not submit a return or filed it incorrectly. However, there are some limits and restrictions on who can file an updated income tax return and when.
What is an Updated Income Tax Return (ITR-U)?
ITR-U provides an opportunity for voluntary compliance to taxpayers in order to rectify errors/ omissions with an objective to reduce litigation.
|