Revised vs. Updated ITR: Dec 31 Deadline Nears for Indian Taxpayers

Indian taxpayers face a critical December 31 deadline to file revised or belated Income Tax Returns. Missing this impacts refunds and may necessitate filing an updated ITR with additional tax. Understanding the differences is crucial for compliance.

• December 31, 2025, is the deadline for revised and belated ITRs for AY 2025-26.
• Revised ITR (Sec 139(5)) corrects errors in already filed returns.
• Updated ITR (Sec 139(8A)) is for undeclared income or unfiled returns, with added tax.
• Tax Department is alerting taxpayers about discrepancies to encourage timely revisions.
• Filing an Updated ITR after Dec 31 involves significant additional tax liabilities.
• Ensure accurate filings by deadline to avoid penalties and delayed refunds.

Read the full story on Quick Digest.