Updated Return

An updated return (also called a revised return) is filed by a taxpayer to correct mistakes, omissions, or inaccuracies in the originally submitted tax return. This can include reporting additional income, claiming missed deductions, correcting tax computation errors, or updating any other relevant financial information. Filing an updated return ensures compliance and may prevent penalties or interest.

Example: An individual files their Income Tax Return for FY 2024-25 but later realizes they forgot to claim a deduction of ₹50,000 under Section 80C. They can submit an updated return to include the deduction, which will reduce their taxable income and potentially increase their tax refund.