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of <h1>Income Tax Act Section 139 Amended: File Updated Returns Within 24 Months, Restrictions Apply for Losses and Tax Reductions.</h1> Section 139 of the Income-tax Act is amended to include sub-section (8A), allowing individuals to file an updated income tax return within 24 months from the end of the relevant assessment year, regardless of whether a prior return was filed. However, this provision does not apply if the updated return shows a loss, reduces tax liability, or increases refunds. Restrictions also apply if searches or surveys have been conducted, certain notices issued, or if proceedings under various specified acts are pending or completed. Additionally, updated returns must include proof of tax payment as per section 140B. These changes are effective from April 1, 2022.
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