📢 *Income Tax Update – ITR-U Amended!* 🗓️ *Notification No. 49/2025 dated 19.05.2025* 🧾 Issued by *CBDT* under Rule `12AC` of the Income-tax Rules, 1962 🚀 *Major Highlights of the New ITR-U Framework (via Finance Act, 2025):* 🖋️ *Time Limit Extended:* Updated returns can now be filed within *48 months* from the end of the relevant A.Y. Hence, Now the ITR-U can be Filed for Last 4 Years. 🖋️ *Additional Tax Payable:* * Filing in 3rd year ➜ Additional income tax of `60%` * Filing in 4th year ➜ Additional income tax of `70%` 🖋️ *Section 139(8A) Amended:* * No ITR-U allowed if notice u/s `148A` issued *after 36 months* from end of relevant A.Y. * However, if `148A(3)` order says _“not a valid case”_ for reopening u/s 148 ➜ ITR-U *can* still be filed within 48 months. 🖋️ *Section 140B Amended:* Prescribes *higher additional tax* for extended filing periods. 🖋️ *Rule 12AC Amended:* To align with the new provisions & extended timelines. 📜 *Purpose of Filing Updated Return (ITR-U):* > To rectify omissions like unreported income, incorrect heads, or incorrect rates of tax — ensuring voluntary compliance. > _Stay Compliant. Update Smartly._ https://whatsapp.com/channel/0029VaVOGdMJP212cLMwN00e