Updated return - 13-3-26

An Updated Return (ITR-U) is a facility that allows a taxpayer to voluntarily correct or declare income that was missed earlier — even after the normal time limits for filing a belated or revised return have expired. Updated return can be filed up to 48 months (4 years) from the end of the relevant A.Y with additional tax of 25%, 50%, 60%, 75% depending on delay.