ITR-U: A 2nd Chance To Correct Your Income Tax Go Back
Submitting a profit tax return (ITR) is vital; however, many taxpayers make errors or omit critical details even as they file their returns. If you have made a mistake on your ITR or did not report it on time, the up-to-date income tax return (ITR-U) assists you to correct the errors and keep away from consequences or notices from the income tax branch.
What's ITR-U?
ITR-U (up-to-date profits tax return) is a provision introduced below phase 139(8A) of the Earnings Tax Act that allows taxpayers to correct or update their ITRs even after the closing date has passed.
✅ Key features of ITR-U:
Enables taxpayers to correct errors or upload missing info in their ITR.
May be filed inside 4 years from the give-up of the relevant assessment year (from april 2025, as consistent with finances 2025).
May be filed most effectively as soon as per assessment 12 months.
Cannot be used to claim a better refund.
Who can file itr-u?
The subsequent taxpayers can record itr-u if they have:
✅ missed submitting their itr on the due date.
✅ pronounced incorrect earnings (e.g., underreported or overreported earnings).
✅ Filed the incorrect ITR shape (e.g., filed ITR-1 instead of ITR-2).
✅ Forgot to say deductions or exemptions (inclusive of underneath section 80C, 80D, or 10(14)).
✅ I want to reveal extra tax liability.
✅ Made mistakes in reporting TDS or improving tax payments.
Who cannot file ITR-U?
You can't report ITR-U if:
❌ You have already filed ITR-U for those 12 months.
❌ You are under a profits tax survey, investigation, or scrutiny.
❌ Your original ITR includes fraudulent or fake information.
❌ Your ITR has been selected for evaluation or reassessment.
❌ You need to say a refund or reduce your tax legal responsibility.
❌ The ITR filing closing date has already expired.
The way to report ITR-U?
You can report ITR-U online on the income tax e-filing portal (eportal.incometax.gov.in) by following these steps:
Step-by-step technique
1️⃣ Log in to the e-filing portal using your PAN and password.
2️⃣ Visit "document earnings tax return" and pick out assessment 12 months.
3️⃣ Pick out ITR-U (up-to-date go back).
4 input the perfect info for earnings, deductions, and tax legal responsibility.
5️⃣ Pay extra tax, if applicable.
6️⃣ Put up the shape and confirm the use of Aadhaar OTP, internet banking, or virtual signature.
When are you able to document ITR-U?
Formerly, the time restriction for submitting ITR-U became 2 years from the applicable assessment year. But, as per budget 2025, this has been extended to 4 years, effective april 2025.
Example:
If you neglected submitting ITR for FY 2022-23 (AY 2023-24), you may now report ITR-U until march 31, 2027.
In case you made an error in FY 2023-24 (AY 2024-25), you may correct it till march 31, 2028.
Essential: ITR-U can be filed only once for a selected evaluation year, so make sure all corrections are included before submission.
Additional tax on ITR-U submission
If you are filing ITR-U to record additional income, you want to pay a further tax as per the subsequent slabs:
Time period (from the due date of the unique ITR) additional tax payable
Inside one year (1 yr) 25% of extra tax
12-24 months (2 years) 50% of additional tax
24-48 months (4 years, from april 2025) (but to be described by way of the IT Dept.)
Why document ITR-U?
✔️ Avoid Notices & Penalties: In case you obtain a tax notice for underreporting profits, filing ITR-U allows you to rectify it before action is taken.
✔️ Stay compliant—submitting an updated return guarantees you meet tax policies and keep away from criminal problems.
✔️ Restore errors & omissions—in case you forgot to file income or claim deductions, ITR-U permits you to correct it problem-free.
✔️ Extended Time Frame—With the brand-new 4-year restriction, you get ample time to correct mistakes.
End
ITR-U is a lifeline for taxpayers who've ignored time limits or made errors in their tax returns. With the extended 4-12 month period from april 2025, it gives extra flexibility to accurate mistakes. But it cannot be used for refund claims or fraudulent filings.
Seasoned Tip: In case you realize a blunder on your ITR, report ITR-U as soon as possible to keep away from paying higher consequences. Usually consult a tax professional earlier than filing an up-to-date return.
Stay tax-compliant and avoid unnecessary penalties with ITR-U!
click and follow Indiaherald WhatsApp channel