Your window for filing updated ITR for AY22 closes on March 31

THIS IS FOR ERRORS OR OMISSIONS IN ORIGINAL, BELATED OR REVISED RETURN

- SAIKAT NEOGI

TAXPAYERS CAN FILE updated returns before March 31 to correct past omissions. They have to pay the due taxes, along with applicable interest and additional tax.

Filing updated returns (ITR-U) under Section 139(8A) will help taxpayers avoid potential scrutiny, penalties, or prosecution that may arise if undisclosed income is later detected by the tax authorities. The longer the delay in filing the updated return, the higher the additional tax burden. The additional tax is 25% of tax and interest if filed within 12 months from the end of the AY, 50% within 24 months, 60% within 36 months, and 70% within 48 months.

March 31, 2026 is the last date to file an updated return for AY21-22 (FY20-21), since the assessment year (AY) ended on March 31, 2022 and the four-year period ends on that day. "It is critical to act before the applicable slab expires or the window closes altogether," says Sandeep Sehgal, partner, Tax, AKM Global, a tax and consulting firm.