Updated return filing via ITR-1 & ITR-2 now live on Income Tax portal for AY22 & AY23: What taxpayers should know

The Income Tax Department has enabled utilities for filing updated income tax returns (ITR-U) for AY 2021-22 and 2022-23. Taxpayers now have up to 48 months from the end of the relevant assessment year to rectify errors or omissions by paying additional taxes. Penalties apply based on the filing timeline, with rates varying from 25% to 70%.