No tension, ITR-U will become your weapon on time

by

The Income Tax Department has increased the last of the income tax return file. Due to this, the department has also notified the ITR-U (updated) form. Through this form, tax payers can improve their old mistakes and through this, old ITR is also filed. Let us know in details what is actually the work of ITR -U and who can fill it.

What is ITR-U?

In the Finance Act 2022, the Government of India introduced ITR (U) under Section 139 (8A) of the Income Tax Act and amended it through Finance Act 2025. Along with ITR-U, taxpayers can rectify the mistakes of filing, add a missed income or improve wrong details. At the same time, the ITR U file has now been extended by the Income Tax Department for 4 years.

Who can enter ITR-U and who is not?

Any person who makes a mistake in his original income tax return, revised return or late returns or leaves an income details, he is eligible to file ITR -U. However, there are some taxpayers that cannot fill it. The conditions for them are as follows.

  1. Who has already filed updated returns.
  2. Who wants to file a return of zero returns or losses.
  3. Who wants to claim refund or increase the amount of refund.
  4. The updated return of which reduces tax liability.
  5. Against which the Income Tax Department has started searching under section 132.
  6. Whose books, documents or property have been seized by the Income Tax Department.
  7. Whose evaluation, re -evaluation, modification or reconstruction is pending or complete.

What is the time limit for filing ITR-U?

The last date for filing ITR-U is 48 months after the expiration of the respective assessment year. That is, the last date of ITR-U for the assessment year 2025-26 is 31 March 2030. Similarly, the last date for evaluation year 2024-25 is 31 March 2029.

What will be more tax paying?

You have to give extra tax while filing ITR -U. If you file returns within 12 months from the end of the assessment year, then 25% additional tax will have to be paid. 50% for 24 months, 70% for 36 months and 70% for 48 months will also have to be given additional tax. Therefore, it is important to remember that the objective of updated returns is to pay the tax that you have not repaid while filing the first return and not to claim refund.

Leave a Comment