Brief-Provisions For Filing ‘Updated Return’. New Section 139(8a) Proposed To Provide For Furnishing of Updated Return Giving Opportunity ( Beyond Revised Return Time Period) To Taxpayer Voluntarily Disclose Correct Income If Any Omission Happened My Quick Initial Analysis
Provisions for filing of updated return – A new section 139(8A) – proposed to be introduced to provide for furnishing of updated return under the new provisions
WHO CAN FILE?
>Any person, whether or not he has furnished a return in 139(4)/(5) within 24 r months from the end of the assessment year.
HOW MANY TIMES?
>Facility can be used only Once
>HOW MUCH TAX TO PAY IN INSTALLMENTS?
>an amount equal to twenty five percent ( upto 12 months) or fifty percent ( if after 12 months) as additional tax on the tax and interest due on the additional income furnished would be required to be paid.
WHEN CANNOT BE FILED?
>It cannot be filed if it amounts to Decreasing return income/ Decreasing Tax / Increasing Loss / Increasing Refund as compare to Original return ( if) filed
WHO CANNOT FILE?
>It cannot be filed by Search/ Seizure / Survey / Requisition u/s 132 or 132A in the relevant AY OR Taxpayer for whom any proceeding for assessment or reassessment or recomputation or revision of income under the Act is pending or has been completed for the relevant assessment year in his case, or any prosecution proceedings under Chapter XXII or AO has information in respect of such person for the relevant assessment year in his possession under the Prevention of Money Laundering Act, 2002 or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 or the Prohibition of Benami Property Transactions Act, 1988 or The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976
>FROM WHEN ?
These amendments will take effect from 1st April, 2022
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