Question

    A taxpayer may file an updated return for FY2023-24

    till what date?
    A 31 December 2024 Correct Answer Incorrect Answer
    B 31 March 2025 Correct Answer Incorrect Answer
    C 31 December 2025 Correct Answer Incorrect Answer
    D 31 March 2026 Correct Answer Incorrect Answer
    E 31 March 2027 Correct Answer Incorrect Answer

    Solution

    ITR-U or Updated Income Tax Return, is a form that allows taxpayers to update their ITRs by correcting errors or omissions or allows a taxpayer to file ITR if they have not filed ITR within the due date and also missed to file the belated return Any person may furnish updated return at any time within 24 months from end of relevant Assessment Year (AY) . As such, in case of FY2023-24, the AY is 2024-25 and therefore, the updated return can be filed till 31 March 2027 (24 monthsor 2 years from the end of the relevant AY).

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