Question
A taxpayer may file an updated return for FY2023-24
till what date?Solution
ITR-U or Updated Income Tax Return, is a form that allows taxpayers to update their ITRs by correcting errors or omissions or allows a taxpayer to file ITR if they have not filed ITR within the due date and also missed to file the belated return Any person may furnish updated return at any time within 24 months from end of relevant Assessment Year (AY) . As such, in case of FY2023-24, the AY is 2024-25 and therefore, the updated return can be filed till 31 March 2027 (24 monthsor 2 years from the end of the relevant AY).
The debts which are to be repaid within a short period (a year or less) are referred to as:
I. Current Liabilities
II. Fixed liabilitie...
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