#nri ca services

[ushmaassociates]

[ushmaassociates]

📢 ITR-U: Correct Your Income Tax Return After Missing the Deadline

Under Section 139(8A), eligible taxpayers can file an Updated Return (ITR-U) to report missed income, rectify omissions, or file a return where earlier deadlines were missed.

⏳ Time Limit: Up to 48 months from the end of the relevant Assessment Year.

💰 Additional Tax:

Up to 12 months — 25%

12–24 months — 50%

24–36 months — 60%

36–48 months — 70%

⚠️ Important: ITR-U cannot be used to reduce tax liability or claim/increase a refund, and eligibility restrictions apply in cases such as certain pending/completed proceedings, search or survey proceedings, NIL/loss returns, etc.

📞 Contact: [phone] 🌐 Website: ushmaassociates.com

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[ushmaassociates]

[ushmaassociates]

[ushmaassociates]

[ushmaassociates]

📢 Filed Your ITR but Found a Mistake? File a Revised Return!

If you have already filed your Income Tax Return but later discover missed income, deductions, capital gains, bank details, foreign assets, or other incorrect information, you can correct it by filing a Revised Return.

🔹 A revised return replaces your original return. 🔹 You can revise your return more than once. 🔹 The last revised return filed will be treated as your final return. 🔹 Even a belated return can be revised.

📅 For AY 2026–27: Revised return can be filed up to 31st March 2027, or until assessment is completed, whichever is earlier.

✅ It is better to voluntarily correct mistakes rather than wait for mismatches to be identified through AIS, 26AS, SFT or other information sources.

📞 Contact: [phone] 🌐 Website: ushmaassociates.com

[ushmaassociates]

[ushmaassociates]