Filing of updated return

Section 148A, which requires the assessing officer to conduct an inquiry and give the taxpayer an opportunity to explain their case before issuing a notice under Section 148.

The assessing officer should allow the taxpayer at least seven days but no more than 30 days to provide their explanation.

After considering the taxpayer's response, the income tax officer will decide whether to issue a notice for reassessment. If the officer decides to reopen the case, they must provide a copy of the order and a notice under Section 148 to the taxpayer.

As per recent updates, if a notice under Section 148A has been issued and it leads to a reassessment notice under Section 148, filing an updated return would not be allowed. However, if the inquiry under Section 148A concludes that no reassessment notice is required, you may still be eligible to file an updated return.