New Delhi, May 21 -- After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025.

To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file theupdated returnfrom 24 months to 48 months from the end of the relevant assessment year.

Notably, filing an updated return leads to additional tax payable. From the additional 24 months to 36 months -- additional tax payable is 60 percent of the aggregate of tax and interest payable. And the additional tax payable will be 70 percent of the aggregate of tax and interest during the period of 36 to 48 months.

Those who are not aware, ...