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of <h1>Taxpayers Can Now Update Income Tax Returns Within 4 Years with Sliding Scale of Additional Tax Rates</h1> The Income Tax department introduced ITR-U, allowing taxpayers to file updated returns within 4 years from the end of the assessment year. Additional tax rates vary based on filing timeline: 25% within 12 months, 50% within 24 months, 60% within 36 months, and 70% within 48 months. In the past 3 years, approximately 90 lakh returns were filed, generating Rs 8,500 crore in additional revenues.
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