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<h1>Income Tax Bill 2025: Clause 263 Requires Timely Electronic Filing, Details Deadlines, Exemptions, and Updated Returns Process</h1> Clause 263 of the Income Tax Bill, 2025, mandates the filing of income tax returns by various entities, including companies, firms, and individuals, under specified conditions. It outlines due dates for filing based on entity type and audit requirements, with deadlines ranging from July 31 to November 30. The provision allows for electronic filing, prescribes necessary documentation, and provides for filing updated returns within 48 months, subject to conditions. Exemptions and conditions for revised returns are specified, and defective returns must be rectified within a given timeframe to avoid being invalidated. The clause also defines terms like 'beneficial owner' and 'specified entity.'