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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2022 amends Income-tax Act section 144, adding best judgment assessment for missed updated returns under section 139(8A).</h1> Clause 41 of the Finance Bill, 2022, proposes an amendment to section 144 of the Income-tax Act, concerning best judgment assessments. It modifies clause (a) of sub-section (1) to include the requirement for an Assessing Officer to conduct a best judgment assessment if an individual fails to submit an updated return under sub-section (8A) of section 139, in addition to failing to file returns under sub-sections (1), (4), or (5) of section 139. This amendment is effective from April 1, 2022.
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