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| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | Invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest now | Equity: Mid Cap | 0.28% |
The Income Tax Department has urged to file on time, as returns filed before the time limit attract additional tax of 25%.
Remembering the deadline increases this additional tax, plus up to 50% of the interest.
– Income Tax India (@Inometaxindia) March 24, 2025
What is an updated ITR?
The ITR-U allows taxpayers to correct errors or disclose unrestricted income in the previously filed returns. In 2022, this provision allows amendment within two years of the relevant assessment year.
Taxpayers can file an updated return, even if they have missed the filing of original or belts.
ITR -U is a form that allows taxpayers to update their income tax returns.
Tax implication on time basis
Before 31 March, 2025: 25% Additional Tax + Interest
March 31, after 2025: 50% additional tax + interest
New rule from April 2025
The government has planned to extend the ITR-U filing period from two years to four years. While it gives taxpayers more time to declare undeclared income, it also comes with high punishment taxes.
So far, more than 90 lakh updated ITRs have been filed in the last four years, with âı 9,118 crore.
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