The provision of ITR-U was introduced in 2022 to provide taxpayers with a systematic way to rectify their mistakes.
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The Income Tax Department has released new Income Tax Return (ITR) forms for the assessment year 2026–27. The department has also released updated ITR-U (ITR Updated) and ITR-V (ITR Verification) forms. The ITR-V form will be applicable to returns filed for the assessment year 2026–27, effective March 31, 2026. It should be noted that the new Income Tax Act will come into effect on April 1, 2026. The Income Tax Act, 2025, will come into effect tomorrow, replacing the old Income Tax Act, 1961.
What is ITR-U?
The ITR-U provision was introduced in 2022 to provide taxpayers with a systematic way to correct their errors. The ITR-U form allows taxpayers to file returns in case they forgot to file the original return, want to add income that they forgot to disclose, or want to correct incorrect information in a previously filed ITR.
ITR-U Filing Deadline
The deadline for filing updated income tax returns under Section 139(8A) has been extended from two years to four years from the end of the relevant assessment year, effective April 2025 (as announced in Budget 2025). Therefore, updated income tax returns for FY 2020-21 (AY 2021-22) can be filed until March 31, 2026. It should be noted that taxpayers are subject to penalties for filing updated returns using ITR-U. These penalties depend on the date of filing the updated ITR. The additional tax payable on updated returns is 25%, 50%, 60%, and 70% for the first, second, third, and fourth assessment years, respectively.
What is ITR-V?
ITR-V is an acknowledgment form. This form serves as proof that the return has been filed with the Income Tax Department. The deadline for e-verification or submission of the ITR-V is 30 days from the date of filing the income return. If the income return is uploaded and submitted within 30 days of uploading the ITR-V, the date of uploading the income return will be considered the date of filing the income return.
