File ITR-U by March 31 else more penalties apply

SynopsisIndividuals can now file an updated Income Tax Return (ITR-U) to correct past errors, including unreported income or incorrect tax rates. This facility, extended to four years from April 2025, requires paying additional tax and interest. The deadline for FY 2020-21 is March 31, 2026, with penalties increasing based on the filing duration.ET OnlineITR-UIndividuals who have missed to report any income or have miscalculated their income resulting in lower income tax liability have another o...