Quick Summary
The Union Budget 2026 has proposed amendments to the Income Tax Act, 2025, enabling taxpayers to file updated income tax returns even after the issuance of reassessment notices. Currently, Section 263(6) of the Act allows taxpayers to file an updated return within 48 months from the end of the fina
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FAQ :
Taxpayers can now file updated income tax returns even after receiving a notice for reassessment.
The amendments are set to come into force from April 1, 2026, and will apply to the tax year 2026-27 and subsequent years.
Yes, an extra 10% levy will be charged on the aggregate of tax and interest payable for updated returns filed in response to a Section 280 notice.
No, income on which this additional tax is paid will not attract penalties under Section 439.
Yes, similar amendments are proposed for the Income Tax Act, 1961, effective retroactively from March 1, 2026, to align procedures for updated returns in reassessment cases.
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