Updated Return (ITR-U) enables post-assessment income corrections within the prescribed period, detailing eligibility and tax computation obligations. Notification substitutes a new ITR-U form allowing taxpayers to update income within forty-eight months, specifying eligibility under the provisos to section 139(8A), prior filing and ITR type, and reasons for updating. The form requires disclosure of affected assessment years where carried forward losses, unabsorbed depreciation or tax credits are impacted. It prescribes a structured tax computation capturing additional income by head, reconciliation with the last valid return, resulting tax payable or refundable amounts, obligations for tax payments under the updated-return provision, and a verification declaration for the taxpayer.