File Updated Tax Returns before March 31 to Avoid Penalties
Taxpayers now have the option to file updated returns (ITR-U) to correct past omissions or errors in their tax filings. The deadline to do this for Assessment Year 2021-22 (FY 2020-21) is March 31, 2026. Filing an updated return helps avoid scrutiny, penalties, or prosecution if undisclosed income is later detected. You must pay the … Read more