Quick Summary
Extending the time-limit to file the updated return Sub-section (8A) of section 139 of the Act, relates to furnishing of updated return. As per thepresent provisions, an updated return can be filed upto 24 months from the end of the relevantassessment year. The facility of updated return has promoted voluntary compliance against payment of additional income-tax of 25% of aggregate of tax and interest payable for updated return filed upto 12 months from the end of the relevant assessment year. F
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FAQ :
The deadline for filing an updated ITR has been extended to 48 months (4 years) from the end of the relevant assessment year.
These amendments will take effect from the 1st day of April, 2025.
For updated returns filed after 24 months and up to 36 months, the additional income-tax will be 60%. For returns filed after 36 months and up to 48 months, the additional income-tax will be 70%.
Generally, no updated return can be filed if a show-cause notice under section 148A has been issued after thirty-six months from the end of the relevant assessment year. However, if an order determines it's not a fit case for notice, an updated return can still be filed up to 48 months.
Previously, the time limit to file an updated return was 24 months from the end of the relevant assessment year.
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