Updated return allowed within two years with specified exclusions and mandatory tax payment proof requirements.

A new provision allows a person to furnish an updated return within twenty-four months from the end of the relevant assessment year, except where the updated return is a return of loss, reduces tax liability, or increases a refund; where specified searches, requisitions, surveys or related notices apply for the relevant assessment year and two preceding years; where assessment or prosecution proceedings are pending or completed; where the Assessing Officer has communicated information under certain enactments or international exchange; or where the person is of a notified class. Such updated returns must be accompanied by proof of payment under section 140B.

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