The Income Tax Department has launched Excel utilities for filing Updated Returns (ITR-U) for Assessment Years 2021-22 and 2022-23, extending the filing window to 48 months as per the Finance Act, 2025. This blog details who can file ITR-U using ITR-1 and ITR-2, explains the new deadlines, outlines the penalty structure, and provides a step-by-step guide on using the Excel utilities to declare additional income and ensure tax compliance.

With effect from April 1, 2025, the Finance Act implements major income tax reforms for partnership enterprises and limited liability companies in India. This article examines the changes that are expected, their possible effects, and practical measures that companies may take to ensure a seamless transition.