Updated Income Tax Returns: An Overview 

Updated Income Tax Returns: An Overview 

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Updated Income Tax Returns: An Overview 

 

1. New Section 139(8A) is proposed to be introduced to provide for furnishing of updated returns.
2. Updated return can be filed within 2 years from the end of Assessment Year – Applicable from AY 2022-23.
3. It can be filed even by assessees who have not filed their original returns.
4. It is proposed that an amount equal to 25% if return filed within 12 months or 50% if return filed after 12 months but before 24 months as additional tax on the tax plus interest due on the additional income furnished would be required to be paid.
5. Ineligible cases:
  • Updated return should not be loss return or decrease tax liability
  • Search Cases u/s 132/132A (Year of Search and two preceding Assessment Years)
  • Survey Cases u/s 133A (Year of Search and two preceding Assessment Years)
  • Assessment Proceedings pending / completed
  • Notice from PMLA/Black Money/Benami/FEMA
  • Prosecution for relevant Asssessment Year
  • Notice with respect to Foreign transactions u/s 90/90A
6. In short, with terms and conditions discussed above, a person can now file or revised return under sub section 8A to section 139 with certain additional payment of tax.

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