One hurdle to efiling an Updated ITR (ITR-U) is penalty payment. The Updated Return Penalty Calculator from EZTax helps calculate the total penalty upon ITR Filing.
An updated return allows the taxpayer to file their income tax returns within extended time limit. An updated return can be filed by any one who have not filed the return or filed original, belated or revised returns
Filing of Updated return is optional. It is at the discretion of taxpayer to file the updated return
No , you cannot claim any refunds or losses by filing updated returns
The time limit for filing updated returns is 2 years from the end of such relevant assessment year
Yes, there are penalties for filing updated returns