ITR-U Filing Time Extended to 4 Years | Now File Missed ITRs Till AY 2020–21
Late Filing Made Easy: Everything You Need to Know About ITR-U
Have you ever missed filing your Income Tax Return (ITR) or made a mistake in it? Don’t worry—you’re not alone. Thankfully, the government now gives you up to 4 years to fix it through the Updated Return (ITR-U) facility.
📢 Latest Update: ITR-U Filing Time Extended
As per CBDT Notification No. 49/2025 (May 2025), the time limit to file an updated return has been extended to 4 years from the end of the relevant assessment year (AY).
🤔 What is ITR-U?
ITR-U stands for Updated Income Tax Return. Introduced via Union Budget 2022, it allows voluntary corrections or late filings of previous returns.
📅 Till When Can You File ITR-U?
New timeline (as of May 2025):
| Assessment Year | Last Filing Date |
|---|---|
| AY 2021–22 | 31st March 2026 |
| AY 2022–23 | 31st March 2027 |
| AY 2023–24 | 31st March 2028 |
| AY 2024–25 | 31st March 2029 |
💡 Why is ITR-U Important?
- File a return that was completely missed
- Correct underreported income
- Stay safe from notices or penalties later
👥 Who Can File ITR-U?
- Any person (individual, firm, company, etc.)
- If it leads to additional income and additional tax
❌ Not Eligible: For increased refund, post-assessment, or beyond 4 years.
💰 Penalties & Additional Tax
| When Filed | Extra Tax Payable |
|---|---|
| Within 12 months | 25% additional tax |
| 12–24 months | 50% additional tax |
| 24–36 months | 60% additional tax |
| 36–48 months | 70% additional tax |
📘 Examples
Example 1: Ramesh missed ₹25,000 FD interest in FY 2020–21. He can file ITR-U for AY 2021–22 and pay tax + 70% additional tax.
Example 2: Priya didn’t file ITR for FY 2022–23. She can still do so under ITR-U for AY 2023–24.
📝 How to File ITR-U?
🛠️ Use Software to Simplify Filing
- Auto-calculates tax & penalty
- Reduces manual errors
- Step-by-step compliance guidance
- Time-saving & stress-free
❓ FAQ
Time limit extended to 4 years from relevant AY (from 2 years earlier).
- AY 2020–21 → till 31 Mar 2025
- AY 2021–22 → till 31 Mar 2026
- AY 2022–23 → till 31 Mar 2027
- AY 2023–24 → till 31 Mar 2028
No, once filed, ITR-U is final and cannot be revised.
