Tax department notifies ITR-U; taxpayers can file updated ITR for 4 years

New Delhi, May 20 (PTI) 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. PTI JD HVA

Source: PTI