Tuesday, 31 March, 2026, is the last day to file updated return or Updated Income Tax Return (ITR-U) for Financial Year 2020-21 and Assessment Year 2021-22. Why is March 31, 2026, important? Under the current Indian tax laws, taxpayers are allowed a window of 48 months or 4 years from the end of the relevant assessment year to correct their past mistakes. For the Financial Year 2020-21, that 48-month window shuts on March 31, 2026. Once this deadline is over, you will no longer be able to update your return for that year. Who should file an ITR-U? You should consider filing an updated return if you: Cost of filing late: Filing an ITR-U is a way to avoid legal trouble, but it comes with a price. Since you are filing this years after the original deadline, you will have to pay a penalty along with taxes. Missing even this deadline could lead to severe consequences if the Income Tax Department discovers the discrepancy later. This could include heavy penalties that can stretch up to 200%. Post navigation Daily items to get costlier from April 1:Bread, biscuits and footwear prices may rise up to 25%, ₹30 bread may cost ₹35 Higher limit on loan for shares effective from 1 July:RBI postpones new borrowing rules by 3 months
