Скачать или смотреть UPDATED RETURNS. SECTION 139 (8A). WHO CAN FILE UPDATED RETURNS. WHO CAN NOT FILE UPDATED RETURNS.

The Finance Act, 2022 has introduced a new concept of updated return, wherein it allows up to 24 months to file the return of income. A new sub-section (8A) has been inserted under section 139 to allow a person to file an updated return of income except in case of search & seizure and other specified circumstances.

The provision of an updated return is effective from 01-04-2022, and the time limit provided for filing an updated return is 24 months from the end of the relevant assessment year. In the financial year 2022-23, a person can file an updated return for AY 2020-21 and AY 2021-22.

The Central Board of Direct Taxes (CBDT) has notified a new Rule 12AC and a new Form ITR-U, which shall be required to be filed along with the respective ITR, to furnish an updated return.