Big changes in ITR-U ( Updated Income Tax Return ) on Income Tax Portal | ITR-U filing

Big changes in ITR-U ( Updated Income Tax Return ) on Income Tax Portal | ITR-U filing
📢 Major Update on ITR-U Filing for AY 2025-26 | Income Tax Portal Changes Explained

In this video, we delve into the significant changes introduced in the Updated Income Tax Return (ITR-U) process on the Income Tax Portal for the Assessment Year 2025-26. Whether you're a salaried individual, business owner, or tax professional, understanding these updates is crucial for accurate and timely tax compliance.

Key Highlights:

Extended Filing Window: The time limit to file an updated return (ITR-U) has been extended from 24 months to 48 months from the end of the relevant assessment year, providing taxpayers with a longer period to rectify errors or omissions in their returns.
apnokaca.com
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The Economic Times
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LinkedIn
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Additional Tax Implications: Filing an updated return in the 3rd year will incur an additional tax of 60%, and in the 4th year, it will be 70%, emphasizing the importance of timely compliance.
Tax2win

Eligibility Criteria: ITR-U can be filed by individuals or entities who have omitted or misreported income, missed deductions, or failed to file returns altogether, subject to certain conditions.
Business Standard
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apnokaca.com
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ITR Filing Deadline Extended: The deadline for filing Income Tax Returns for FY 2024-25 (AY 2025-26) has been extended from July 31, 2025, to September 15, 2025, allowing taxpayers additional time to comply with the new requirements.
ClearTax
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The Economic Times
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The Economic Times
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Advisory on Early Filing: Taxpayers are advised to avoid filing their ITR before June 15, 2025, as certain critical documents like Form 26AS and AIS may not be fully updated, potentially affecting the accuracy of the return and refund processing.
SBNRI
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The Economic Times
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Maharashtra Times
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Stay Informed:

Understanding these changes is essential to ensure compliance and avoid potential penalties. Watch the full video for a comprehensive breakdown of the new ITR-U filing process and how it impacts you.

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DISCLAIMER
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, chartered accountant, tax professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.