ITR-U: You Now Get 4 Years to Fix a Botched Tax Return

ITR-U lets you correct or disclose missed income for up to 48 months after the assessment year ends

Extra tax climbs by slab: 25% in year 1, 50% in year 2, 60% in year 3, 70% in year 4 — on tax plus interest

You cannot use ITR-U to lower tax, claim or increase a refund, or report a fresh loss

Only one ITR-U is allowed per assessment year, and the full tax must be paid before you file

It's barred once a Section 148A notice lands after 36 months, or if your case is under search or assessment