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Who is eligible for a 48-month extension to file an ITR-U? Full Guide

A proposal in Budget 2025 will provide taxpayers additional time to make corrections to their income tax returns. Nirmala Sitharaman, the finance minister, has proposed extending the two-year deadline for revised income tax returns (ITRs) to four years. Through this expansion, people can correct errors, reveal revenue that was previously unreported, and adhere to tax laws. Taxpayers may amend their returns by Section 139(8A) to fix mistakes, including missing income, misrepresented losses, or inaccurate refunds. Those who overlooked income, filed late.

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Who is eligible for a 48-month extension to file an ITR-U? Full Guide

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