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ITR-U (Updated Return) can be filed by any taxpayer who wants to voluntarily update or correct their income tax details. It can be filed by those who did not file their income tax return earlier or by those who have already filed an ITR but later realised that some income was missed, reported incorrectly, or deductions or exemptions were claimed wrongly. Individuals, HUFs, firms, companies, and other taxpayers are all eligible to file ITR-U. However, ITR-U can be filed only to declare additional income or increase tax liability and must be filed within 24 months from the end of the relevant assessment year. It cannot be used to claim a refund, reduce tax liability, or if tax proceedings such as search, survey, assessment, or prosecution have already started for that year.
You’ll have to pay additional tax on top of the regular tax and interest:
| ITR-U Filed Within | Additional Tax |
|---|---|
| 12 months from the end of the relevant AY | 25% of additional tax (tax + interest ) |
| 24 months from the end of the relevant AY | 50% of additional tax (tax + interest ) |
| 36 months from the end of the relevant AY | 60% of additional tax (tax + interest ) |
| 48 months from the end of the relevant AY | 70% of additional tax (tax + interest ) |
Note: In addition to the above, you also have to pay a penalty of upto Rs.5000.
ITR-U is a simplified form filed along with the applicable ITR form (ITR-1 to ITR-7), and includes:
No. ITR-U can be filed only once per assessment year. So, make sure to disclose all missed income in a single updated return
Yes. In fact, it is mandatory to disclose. Non-disclosure can lead to a penalty upto ₹10 lakh under the Black Money Act and even imprisonment.
No. You cannot file ITR-U if your total income is below the basic exemption limit. ITR-U is meant only for cases where additional income needs to be reported and extra tax is payable. If your income is below the exemption limit, no extra tax arises, so the law does not permit filing an updated return.