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March 31, 2026
The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return. The Updated return can be filed only if the taxpayer has to disclose any additional income which was missed earlier and should pay additional taxes.
The additional tax shall be equal to 25% of the aggregate of tax and interest payable by a person on the filing of the updated return, where such return is furnished after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year.
Where the updated return is furnished after the expiry of 12 months from the end of the relevant assessment year but before completion of the period of 24 months from the end of the relevant assessment year, the additional tax payable shall be 50% of the aggregate of tax and interest payable.
Further, a fee under Section 234F shall be charged if such person didn’t furnish a return of income for that Assessment Year for which he is furnishing an updated return.
Who is not eligible to file an updated return?
All taxpayers are eligible to file an updated return. However, such a return cannot be filed in the following circumstances:
- If an updated return is a return of a loss;
- In case an updated return results in lower tax liability;
- In case an updated return results in or increasing the refund;
- In case of a search initiated against the assessee;
- Where books of account or assets etc. are requisitioned in case of the assessee;
- In case survey conducted against the assessee;
- Where documents or assets seized or requisitioned in case of any other person belong to the assessee;
- In case an updated return has already been filed;
- In case assessment is pending or completed;
- In case AO has information about the assessee under specified Acts;
- In case AO has information about the assessee under DTAA or TIEA;
- In case any prosecution proceeding is initiated; or
- In case of a person or class of persons as notified by the CBDT.