Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
Income Tax : The Finance Bill 2026 proposes allowing taxpayers to file an Updated Return even after receiving a reassessment notice under Secti...
Income Tax : Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to re...
Income Tax : Explore the legal and technical hurdles in filing Updated Returns under Section 139(8A), including Excel utility dependencies and ...
Income Tax : Learn about updated returns under Section 139(8A) of the Income Tax Act, including eligibility criteria, restrictions, and conditi...
Income Tax : Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know ...
Income Tax : Department urges taxpayers, to view their AIS through e-filing portal and file updated ITRs (ITR-U), wherever necessary. Eligible ...
Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...
Income Tax : The Court ruled that an assessee cannot invoke Section 139(8A) after initiation of assessment proceedings under Section 143(2). It...
Income Tax : The Tribunal held the reassessment invalid as NFAC completed the process without issuing a mandatory notice under section 148A. It...
Income Tax : The central issue was the correct depreciation rate for the HP Indigo Digital Press. ITAT Mumbai ruled the printer is an integral ...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlights the extended filing timeline and the revised rules governing reassessment proceedings.
Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes voluntary compliance but excludes refunds, loss returns, and specified cases.
The Finance Bill 2026 proposes allowing taxpayers to file an Updated Return even after receiving a reassessment notice under Section 148. This move aims to reduce litigation by enabling voluntary disclosure and tax payment through a structured compliance mechanism.
Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental proceedings.
The Court ruled that an assessee cannot invoke Section 139(8A) after initiation of assessment proceedings under Section 143(2). It affirmed the disallowance of deductions and held that appeal is the proper remedy.
Explore the legal and technical hurdles in filing Updated Returns under Section 139(8A), including Excel utility dependencies and procedural complexities.
Explains deadlines for belated returns and the updated ITR-U window, helping taxpayers avoid escalating additional tax under section 140B.
The Tribunal held the reassessment invalid as NFAC completed the process without issuing a mandatory notice under section 148A. It ruled that an assessment is void when the jurisdictional notice is issued by one authority but finalized by another.
The central issue was the correct depreciation rate for the HP Indigo Digital Press. ITAT Mumbai ruled the printer is an integral part of a computer system due to its reliance on interface and proprietary software, thus allowing the higher 60% depreciation rate. This ruling confirms that machines functionally dependent on a computer system qualify for the higher depreciation applicable to ‘computers’.
Learn about the Updated Income Tax Return (ITR-U) under Section 139(8A). Discover its benefits, eligibility, and the process for filing to correct mistakes and report omitted income.
