Amendment to income tax law raises the additional tax on updated returns by a further 10% when filed after a section 148 notice. The Bill inserts sub-section (3A) into section 140B to provide that where an updated return is filed in pursuance of a notice under section 148 within the period specified in the notice, the additional income-tax payable under sub-section (3) shall be increased by a further ten per cent. of the aggregate of tax and interest payable; the amendment is retrospective to 1 March 2026.
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Provisions expressly mentioned in the judgment/order text.
Amendment to income tax law raises the additional tax on updated returns by a further 10% when filed after a section 148 notice.
The Bill inserts sub-section (3A) into section 140B to provide that where an updated return is filed in pursuance of a notice under section 148 within the period specified in the notice, the additional income-tax payable under sub-section (3) shall be increased by a further ten per cent. of the aggregate of tax and interest payable; the amendment is retrospective to 1 March 2026.
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