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of <h1>Union Budget 2025-26: Extended Time for Updated Tax Returns to 48 Months with Increased Penalties</h1> The Union Budget 2025-26 proposes to extend the time limit for filing updated tax returns from 24 months to 48 months after the relevant assessment year. Updated returns filed between 24 to 36 months will incur an additional income tax of 60%, and those filed between 36 to 48 months will incur 70%. This aims to encourage voluntary compliance. However, updated returns cannot be filed if a show-cause notice under section 148A has been issued after 36 months, unless determined otherwise, allowing filing up to 48 months. These changes will be effective from April 1, 2025.
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