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of <h1>Finance Act 2022 amends Section 139, allowing updated tax returns within 24 months with specific restrictions.</h1> Section 139 of the Income-tax Act was amended by the Finance Act, 2022, allowing individuals to file an updated return within 24 months from the end of the relevant assessment year. This updated return cannot be filed if it reports a loss, decreases tax liability, or results in a refund. Restrictions apply if a search, survey, or specific notices have been issued, or if proceedings or prosecutions are pending. Exceptions exist for losses carried forward. The updated return must include proof of tax payment as required under section 140B.
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