Quick Summary
The Income Tax Department unveiled a crucial update on March 7, 2024, pertaining to the submission of Updated Income Tax Returns (ITR) under section 139(8A) of the Income Tax Act 1961. This amendment empowers individuals to file an updated return for any assessment year, irrespective of their previo
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FAQ :
The Income Tax Department has provided an update on the submission of Updated Income Tax Returns (ITR-U) under section 139(8A) of the Income Tax Act 1961.
Any person can file an updated return under section 139(8A), irrespective of whether they have previously filed a return or not.
An updated return can be furnished at any time within twenty-four months from the end of the relevant assessment year.
An updated return cannot be filed if it is a return of loss, decreases the total tax liability, or increases the refund amount.
A person is not eligible if a search, survey, or requisition has been conducted, or if certain notices have been issued related to seized assets or documents for the relevant assessment year or preceding years.
No, an updated return cannot be furnished if any proceedings for assessment, reassessment, recomputation, or revision of income are pending or have been completed for the relevant assessment year.
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