Correct errors and omissions in income-tax return with updated return

Remember that an updated ITR can't be used to declare lower income, claim losses, or request more refund

While the deadline to file the original income-tax return (ITR) was July 31, individuals can still file a belated, revised, or updated return, based on their circumstances and timing.

If you have not yet filed an ITR for the 2022-23 financial year (FY23), you can file a belated return. If you have already filed your ITR, but now realise that there was a mistake or you misreported your income, you can file a revised return.  

The Finance Act, 2022, introduced the concept of updated return (ITR-U) under Section 139 (8A). Says Sandeep Bajaj, advocate, Supreme Court of India, “It is