Updated Return & Tax on updated return - Section 139(8A) & 140B

Updated return rules require payment of tax, interest and additional tax on late filing and specify strict eligibility limits.

Section 139(8A) allows any person to furnish an updated return subject to prescribed time limits and exclusions; filings that reduce tax liability, increase refunds, or follow certain enforcement actions are barred. Updated returns must be accompanied by proof of payment of tax, interest, fees and an additional tax computed under section 140B. Section 140B sets out computation rules that differ depending on whether an earlier return was filed, factors in advance tax, TDS/TCS, reliefs and credits, adjusts for refunds, and prescribes an escalating additional tax based on delay periods measured from the end of the relevant assessment year.