The Finance Act 2022 has introduced a new concept of updated return by inserting a new Sub-Section 8A to Section 139 which allows a person to file an updated return of income. The provision of updated return is effective from April 1, 2022 and the time limit provided for filing an updated return is 24 months from the end of the relevant assessment year. Therefore, in the current financial year 2022-23 you can file an updated return for assessment year 2020-21 and 2021-22.
The CBDT has already notified new Rule 12AC and a new form, ITR-U. You can now file updated return by disclosing additional income for assessment year 2020-21 and pay additional taxes along with applicable interest. Similarly, for assessment year 2021-22 you can also file the return in form ITR-U and pay tax along with applicable interest. Note that you will not be able to update your return if it is of loss or enhancement of loss. Further, if the concerned assessment year is subject to search and seizure proceedings, then also you will not be allowed to update your return. You can mention the reasons for updating the income such as return previously not filed or income not reported correctly, etc. You can refer to Section 139(8A) of the Income Tax Act read with Rule 12AC.
This story is from the May 23, 2022 edition of Dalal Street Investment Journal.
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This story is from the May 23, 2022 edition of Dalal Street Investment Journal.
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