CBDT has notified ITR-U (Updated return of Income) u/s 139(8A) for AY 2025-26

CBDT has notified ITR-U (Updated return of Income) u/s 139(8A) for Assessment Year 2025-26.

CBDT has notified ITR-U (Updated return of Income) under section 139(8) of the Income Tax Act, 1961 (the Act) for Assessment Year 2025-26.

Section 139(8A) of the Act provides that any person (whether or not having already filed a return) may furnish an updated return of income in the prescribed form at any time within forty-eight months from the end of the relevant assessment year.

The time limit for filing Updated return has been increased to 48 months from 24 months by Finance Act 2025. Section 140B has also been amended to prescribe additional income tax payable for the extended timeline. The additional tax payable along with ITR-U is 60% for filing ITR-U in third year and is 70% for filing ITR-U in fourth year

ITR-U has been prescribed under Rule 12AC of the Act which provide for manner of furnishing and verification the update return of income.

Section 139(8A) has been amended to provide that ITR-U can not be filed if notice under section 148A issued after 36 months from the end of relevant A.Y. However, later if 148A(d) order is passed holding that it is not a fit case for escapement of income for issuance of notice under section 148, then ITR-U can be filed within 48 months from the end of relevant A.Y.

Download CBDT Notification No. 49/2025 Click Here >>

• When disallowance is made u/s 37(1) section 69C is not applicable – ITAT
• ITAT refuses to accept cash book as source of deposit as assessee was not subject to audit
• Mere preparation of income tax notice and send to dispatch not effective issuance
• Agreement validly terminated prior to CIRP not give any enforceable right to corporate debtor
• SC explains jurisdiction of courts under NI Act for dishonour of account payee or bearer cheques