TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Manuals
of of All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Taxpayers can file updated returns under Section 139(8A) within 24-48 months with additional tax penalties</h1> The Income Tax Act provides for filing updated returns under Section 139(8A) with corresponding tax provisions under Section 140B, effective from April 1, 2022. Taxpayers can file updated returns within 24 months of the assessment year end until March 2025, thereafter within 48 months. Updated returns cannot be filed for losses, decreased tax liability, or increased refunds. Additional restrictions apply during searches, surveys, pending assessments, or when authorities possess relevant information. Tax computation includes additional tax ranging from 25% to 70% based on filing timeline, plus applicable interest and fees. The provision allows voluntary disclosure with penalty structure encouraging earlier compliance.
TaxTMI 
