ITR submitting: What is updated income tax return and ITR-U? Who can file & what you can’t change – top points to know

ITR submitting: Taxpayers who miss the common deadline for submitting their income tax return get a further probability via the updated income tax return (ITR-U) facility, launched below Section 139(8A) of the Income Tax Act. This choice permits people to right errors, add omitted income, or rectify misreporting even after the due dates for belated or revised returns have handed.

Time restrict for submitting ITR-U

An updated return can be filed inside 4 years from the tip of the related evaluation yr, in accordance to an ET report. For instance, if a taxpayer misses the unique submitting deadline of July 31 (prolonged to September 15 this yr) and additionally the belated or revised return deadline of December 31, they can nonetheless file an updated return for the evaluation yr 2025-26 till March 31, 2030.

Additional tax legal responsibility

While ITR-U affords the flexibleness to right previous errors, it comes with an added price. Taxpayers submitting an updated return are required to pay extra tax, with the quantum relying on how late the submitting is throughout the 4-yr window.

When you can not file ITR-U

Certain modifications will not be permitted via an updated return. Taxpayers can not use ITR-U if they’re:

ITR-U thus gives a safeguard for taxpayers to right previous omissions however with clear restrictions and a further tax price.