Last Chance: File ITR-U by March 31 to Correct Tax Errors, Avoid Penalties

• Taxpayers can rectify income tax return errors or declare undeclared income via ITR-U.
• The deadline to file ITR-U for the current period is March 31.
• ITR-U can be filed for up to 48 months (4 years) from the relevant assessment year.
• Budget 2026 allows ITR-U filing even after re-assessment, with an additional 10% tax.
• Delay in filing ITR-U incurs extra tax ranging from 25% to 70% plus interest; non-filing can lead to notices and penalties up to 200%.