New Delhi, Feb. 3 -- Did you miss reporting a particular income while filing your income tax return (ITR) a few years ago -- say three years ago? You do not need to fret over this anymore since you can file a fresh tax return under the head ofITR(U) to report that unreported income and pay the outstanding tax.

This way you can spare yourself from any penalty or action that could have been initiated by the tax department if the reported income came to their notice.

Union Finance Minister Nirmala Sitharaman -- duringBudget 2025speech on Saturday -- announced the extension of the time limit to file updated returns for any assessment year from the current limit of two years to four years.

Those who are not aware - MsSitharaman had introduc...