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of <h1>Understanding Section 140B: Tax Rules for Updated Returns Under Section 139(8A) with Additional Tax Rates Explained.</h1> Section 140B of the Income-tax Act, introduced by the Finance Act, 2022, outlines the tax obligations for assessees filing updated returns under section 139(8A). If no return was initially filed, the assessee must pay the tax due, considering advance tax, tax deducted or collected at source, and any applicable tax reliefs or credits. If an earlier return was filed, the tax payable is adjusted for credits claimed and any refunds received. Additional income tax is levied at 25% or 50% of the tax and interest due, depending on the timing of the updated return. The section also provides guidelines for computing interest and addresses potential difficulties through guidelines issued by the Board.
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