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Provisions for filing of updated return Section 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers. 2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a definite time period or up to a particular da
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FAQ :
A new sub-section (8A) is proposed for Section 139 of the Income Tax Act, allowing any person to file an updated return of income within twenty-four months from the end of the relevant assessment year.
Any person can file an updated return, whether they have filed a return previously for the relevant assessment year or not, provided certain conditions are met.
An updated return cannot be filed if a search has been initiated, surveys conducted, or if certain notices have been issued regarding seized assets or documents belonging to the taxpayer or related to them. It also cannot be filed if an updated return has already been filed for that year, assessment proceedings are pending or completed, or specific information has been received from other agencies or countries.
An additional tax of 25% of the aggregate of tax and interest is payable if the updated return is filed within twelve months from the end of the assessment year. If filed between twelve and twenty-four months, the additional tax increases to 50%.
These amendments will take effect from 1st April 2022.
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