Updated Tax Return Rules Allow Corrections and Additional Income Reporting Within 48 Months of Assessment Year

Updated Tax Return Rules Allow Corrections and Additional Income Reporting Within 48 Months of Assessment Year https://www.taxtmi.com/highlights?id=88610 The notification introduces the Income-tax (Nineteenth Amendment) Rules, 2025, amending the Income-tax Rules, 1962. The amendment replaces Form ITR-U in Appendix-II, creating a new updated return form for taxpayers to update their income within 48 months from the end of the relevant assessment year. The form allows taxpayers to correct previously filed returns, report additional income, and pay additional tax with varying penalty rates based on the timing of the updated return filing. en-us Wed, 21 May 2025 16:37:31 +0530 Wed, 21 May 2025 16:37:31 +0530 TaxTMI RSS Generator Updated Tax Return Rules Allow Corrections and Additional Income Reporting Within 48 Months of Assessment Year https://www.taxtmi.com/highlights?id=88610 The notification introduces the Income-tax (Nineteenth Amendment) Rules, 2025, amending the Income-tax Rules, 1962. The amendment replaces Form ITR-U in Appendix-II, creating a new updated return form for taxpayers to update their income within 48 months from the end of the relevant assessment year. The form allows taxpayers to correct previously filed returns, report additional income, and pay additional tax with varying penalty rates based on the timing of the updated return filing. Highlights Income Tax Wed, 21 May 2025 16:37:31 +0530 https://www.taxtmi.com/highlights?id=88610