The Economic Times

March 31 is deadline for updated ITR: Have unreported income, applied wrong rate of tax? File ITR-U with payment of additional tax, else be ready to pay higher penalties

Individuals can now file an updated Income Tax Return (ITR-U) to correct past errors, including unreported income or incorrect tax rates. This facility, extended to four years from April 2025, requires paying additional tax and interest. The deadline for FY 2020-21 is March 31, 2026, with penalties increasing based on the filing duration.