ITR
What an updated return ITR-U is
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Facts
An updated return lets you add income you missed or correct income you under-reported for a past year, by paying extra tax. Anyone can use it within 48 months from the end of the relevant assessment year, unless a bar applies.
Provisions and law
- Sec 139(8A), Income-tax Act 1961 (now Sec 263(6), Income-tax Act 2025)Updated return within 48 months from the end of the relevant assessment year, once per year, not to reduce tax or raise a refund.
- Sec 140B, Income-tax Act 1961 (now Sec 267, Income-tax Act 2025)Tax, interest, fee and additional tax must be paid before filing the updated return.
Analysis
You file the full ITR for that year with the extra income, plus ITR-U Part A and Part B. Before filing, you pay the tax, interest and an additional tax of 25% to 70% of tax and interest. It can be filed whether or not you filed an original return. It cannot be used to reduce tax or increase a refund.
Conclusion
- Identify the year and the income you missed.
- Check you are not barred by a search, survey, assessment or prosecution.
- Compute tax, interest and additional tax.
- Pay, then file the ITR-U and e-verify.
A Savvy can do this for you
Updated return, ITR-U, Sec 263(6) (old 139(8A))
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