The deadline to file updated income tax returns is March 31, 2023

It may entail a higher tax at this stage, however, the taxpayer avoids the risk of paying a penalty

The deadline to file updated income tax returns (ITR-U) is March 31, 2023, for Assessment Year (AY) 2020-2021 (FY20). The Finance Act, of 2022 introduced this new ITR filing facility known as an updated return. A new sub-section 8(A) was added to Section 139 of the Income-Tax (I-T) Act for this purpose. This scheme came into effect on April 1, 2022. This new section provides the chance to update your ITR within two years. Any person who has made an error or omitted certain income details in original return of income, or belated return, or revised return can file ITR-U.