https://www.taxtmi.com/article/detailed?id=10385 The Finance Act, 2022 creates an updated return mechanism permitting taxpayers to furnish an updated ITR-U within an extended post-assessment-year window, subject to exclusions where updated returns report loss, reduce tax liability or increase refunds. Eligibility is negated by prior searches, surveys, seizures, related notices, pending or completed assessment or prosecution proceedings, or communicated foreign/anti-money-laundering information. Updated returns must reflect adjustments to carried forward losses, unabsorbed depreciation and tax credits, be filed and verified as prescribed, be accompanied by proof of payment under the statute, and attract interest and additional income-tax as computed by the enacted formulae. en-us Sat, 07 May 2022 06:38:30 +0530 Sat, 07 May 2022 06:38:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10385 The Finance Act, 2022 creates an updated return mechanism permitting taxpayers to furnish an updated ITR-U within an extended post-assessment-year window, subject to exclusions where updated returns report loss, reduce tax liability or increase refunds. Eligibility is negated by prior searches, surveys, seizures, related notices, pending or completed assessment or prosecution proceedings, or communicated foreign/anti-money-laundering information. Updated returns must reflect adjustments to carried forward losses, unabsorbed depreciation and tax credits, be filed and verified as prescribed, be accompanied by proof of payment under the statute, and attract interest and additional income-tax as computed by the enacted formulae. Articles Income Tax Sat, 07 May 2022 06:38:30 +0530 https://www.taxtmi.com/article/detailed?id=10385