Now you will get 4 years time to file ITR-U, CBDT has released the revised form; Know when is the last date?

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CBDT i.e. Central Board of Direct Taxes has notified ITR-U i.e. updated income tax return form on Tuesday. Many changes related to income tax were made in this year’s budget. These changes have been implemented from April 1. Now CBDT has released the revised ITR-U form according to these changes.

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This is the biggest change

The biggest change in this is regarding the duration of the assessment year. Till now, taxpayers were allowed to file ITR-U only within 24 months of the end of the assessment year. But now this period has been increased to 48 months. In this way, now taxpayers will get two years of additional time.

Why and who has to fill ITR-U?

The name of ITR-U itself suggests that it is an updated return. That is, if you have made a mistake while filing the return. Apart from this, if you have forgotten to include any important details in the return, then you can correct your mistake within 4 years from the year in which this mistake was made. Broadly, this return is for those people who could not file ITR on time, or have made mistakes in filing the return.

In what cases can it be filled?

ITR-U can be filled by any person. If you have not filed the return. Also, if you have filed the return but have not been able to report the income correctly. Income has been shown under the wrong head, return has been filed in the wrong tax slab. ITR-U can be used in all such cases.

when is the last date?

ITR-U can be filed within four years of any assessment year. For example, you have to file ITR for the financial year 2024-25, whose assessment year is 2025-26 and it will end on March 31, 2026. If you do not file ITR during this period, or file ITR with incorrect information, then the last date for ITR-U will be March 31, 2030.

 

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