Everything You Need to Know About Updated Return (ITR-U) Missed declaring some income? Correct your past ITRs by using the Updated Return option.
Filing taxes is important. Mistakes can happen. You might miss income, make wrong deductions, or use the wrong ITR form. The Income Tax Department has a solution: the Updated Return under Section 139(8A) of the Income Tax Act.
This article explains what an Updated Return is. It also explains who can file, the deadlines, and penalties. Plus, it shows how ezymoneydeals simplifies the process.
What is an Updated Return (ITR-U)?
An Updated Return allows taxpayers to fix or change their previous tax return. They can report missed or under-reported income. This is true even if the deadline for a Revised or Belated Return has passed.
This option encourages voluntary compliance and helps you avoid later penalties or scrutiny.
Time Limit for Filing an Updated Return
You can file an Updated Return within 48 months from the end of the assessment year.
Who Can File an Updated Return?
You can file an updated return if you:
Did not file your ITR earlier.
Omitted or underreported income in your original or revised return.
Want to pay taxes before getting a notice.
Who Cannot File an Updated Return?
You cannot file an Updated Return if:
You’re claiming a refund or want to lower your tax.
Your updated return shows losses or lower income.
You are filing during an assessment or scrutiny.
You face a search or seizure case under income tax laws.
Additional Tax on Updated Return
The government encourages voluntary disclosure but imposes penalties to ensure compliance.
25% of additional tax + interest if filed within 12 months.
50% of additional tax + interest if filed between 12–24 months.
60% of additional tax + interest if filed between 24–36 months.
70% of additional tax + interest if filed between 36–48 months.
This is in addition to the regular tax and interest owed.
Example:
If you forgot to report ₹1,00,000 in income and owe ₹15,000 in tax:
If you file within 12 months, total tax = ₹15,000 (tax) + ₹3,750 (25% of tax) = ₹18,750 (+ interest).
If you file between 12–24 months, penalty = ₹7,500 (50%), so total = ₹22,500 (+ interest).
Why Should You File an Updated Return?
Avoid notices and penalties.
Stay compliant with reporting changes (AIS, Form 26AS).
Disclose foreign income or crypto gains you missed.
Claim peace of mind before scrutiny begins.
How Ezymoneydeals Helps You File Updated Returns
Filing an Updated Return needs attention, especially with penalties and rules. At Ezymoneydeals, we provide:
Guided ITR-U filing with clear instructions.
Auto-import of your previous return & Form 26AS/AIS data.
Expert review of discrepancies and missed income.
Smart calculation of penalties and interest.
Support for crypto, capital gains, F&O, business, and foreign income returns.
Final Thoughts
Updated Returns offer a chance to correct tax mistakes before they lead to notices. Whether it’s undeclared income or a form error, it’s better to fix it now than to regret it later.
Let Ezymoneydeals handle late corrections—fast, secure, and accurate.
File Your Updated Return Now
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