A new Section 139(8A) is proposed to be introduced to provide for furnishing of updated return under the new provisions.
Time limit: File Updated return within 2 years from the end of Assessment Year – Applicable from AY 2022-23
Eligibility:
File updated return of income by any person, whether he has filed a return previously for the relevant assessment year, or not.
Additional Tax Rate:
It is proposed that an amount equal to twenty five percent if return filed within 12 months or fifty percent if return filed after 12 months but before 24 months as additional tax on the tax and interest due on the additional income furnished would be required to be paid.
Ineligible cases:
- Updated return should not be loss return or decrease tax liability
- Search Cases u/s 132/132A (Year of Search and two preceding Assessment Years)
- Survey Cases u/s 133A (Year of Search and two preceding Assessment Years)
- Assessment Proceedings pending / completed
- Notice from PMLA/Black Money/Benami/FEMA
- Prosecution for relevant Asssessment Year
- Notice with respect to Foreign transactions u/s 90/90A
