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of <h1>New Section 140B: Tax Payment Mandate for Updated Returns Under Section 139(8A) in Finance Bill 2022</h1> The Finance Bill, 2022 introduces Section 140B in the Income-tax Act, mandating tax payment on updated returns filed under Section 139(8A). If no prior return was filed, taxpayers must pay due tax, interest, and fees before filing the updated return. Tax computation considers advance tax, tax deducted at source, and foreign tax reliefs. For previously filed returns, additional tax is payable, adjusted for earlier interest payments. Additional tax is 25% if filed within 12 months post-assessment year, and 50% if filed within 24 months. The Board can issue guidelines to resolve implementation issues, effective April 1, 2022.
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