New Delhi, May 20 (PTI) The Income Tax department has notified ITR-U which will allow taxpayers to file updated returns for 4 years from the end of relevant assessment year (AY).

The Finance Act, 2025, had extended the time period for filing updated returns (ITR-U) to 48 months from 24 months from the end of relevant AY.

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For ITR-U filed within 12 months and 24 months of the end of relevant AY, 25 per cent and 50 per cent additional tax respectively have to be paid.

For ITR-U filed within 36 months and 48 months, 60 per cent and 70 per cent additional tax will have to be paid by a taxpayer.

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In the last 3 years, about 90 lakh such returns were filed. Rs 8,500 crore additional revenues were garnered.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)