New Delhi, Aug. 19 -- The Income Tax Department on 16 August released excel utilities for filing updated returns in ITR-3 and ITR-4 for the assessment years 2021-22 and 2022-23. Prior to this, the department also released the utilities for filing updated returns in ITR-1 and ITR-2 for these years.

Those who are not aware, the government in 2022 had introduced a new scheme permitting alltaxpayers to file anupdated return within 24 months from the end of the relevant assessment year.

Three years later, i.e., in 2025 -- deadline was extended from 24 to 48 months from the end of the relevant assessment year.

Updated return of ITR is a provision that allowstaxpayers to update or file their ITRs on payment of additional taxes in case of erro...