The Income Tax Act provision allows the tax payers to update or file their Income tax returns on payment of additional tax. It is issued in the object of providing an opportunity for voluntary compliance by tax payers who have missed filing their Income tax return for the FY 2021-22 (Assessment  Year 2022-23).

The tax payers who have NOT filed their Income tax return for the Financial Year 2021-22 (Assessment Year 2022-23), can now file an Updated return in FORM ITR-U on or before 31.3.2025.

The tax payer has to pay an additional 50 percent of aggregate of tax payable and interest thereon due for the FY 2021-22

The tax payer cannot file an updated return where there is no additional outflow of tax, that is, NIL return cannot be filed, return with refund of tax cannot be filed.

For detailed information reference may be made to the provisions of the Income Tax Act,1961 & the Income-Tax Rules,1962, relevant circulars and/or notifications, according to N.D. Shreenivaas of Bhavani Associates, Mysuru.