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

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....ted on or before 31^st March, 2025. From 01.04.2025 - Updated return u/s 139(8A) can be submitted at any time within 48 months from the end of the relevant AY. [w.e.f. 01.04.2025 Amended vide Section 40 of the Finance Act, 2025] III Who can submit updated return Updated return can be submitted by any person whether or not he has furnished a return u/s 139(1)/(4)/(5) for an AY. IV Updated return cannot be submitted in following cases:- • The section 139(8A) shall not apply, if the updated return (a) If updated return is return of a loss [except in a case referred to in the sixth proviso]^w.e.f. 01.03.2026 (b) If updated return has the effect of decreasing the tota....

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....return has been furnished by him u/s 139(8A) for the relevant assessment year, or b. Any proceeding for assessment/reassessment/recomputation/revision of income is pending or has been completed for the relevant assessment year in his case [except in a case referred to in the eighth proviso]^w.e.f.01.03.2026, or c. The AO has information in respect of such person for the relevant assessment year in his possession under • the Prevention of Money Laundering Act, 2002 or • the Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 or • the Prohibition of Benami Property Transaction Act, 1988 or • the Smugglers and Foreign Exchange Manipu....

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....date and verified the return and containing such other particulars as may be prescribed, • he shall be allowed to furnish an updated return where such updated return is a return of income [or such updated return has the effect of reducing the loss]^w.e.f. 01.03.2026 [ Sixth Proviso ] • If the loss or any part thereof carried forward under Chapter VI or unabsorbed depreciation carried forward under section 32(2) or tax credit carried forward under section 115JAA or under section 115JD is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, • an updated return shall be furnished for each such subs....

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.... u/s 115JAA/115JD. Such updated return shall be accompanied by proof of payment of such tax, interest, fee under section 234F and additional tax under section 140B(3). [ Section 140B(1) ] (b) Where Assessee has furnished return earlier If an assessee has furnished return under section 139(1)/(4)/(5), For submitting updated return is liable to pay tax due together with interest payable under any provision of the Act for any default or delay in payment of advance tax, along with the payment of additional tax, as reduced by the amount of interest paid in earlier return. The tax payable shall be computed after considering the following: - • The amount of relief or tax, referred to i....

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....end of the relevant assessment year 50% of aggregate of tax and Interest payable (including surcharge & cess) Computed as per section 140B(1) or (2). (iii) if updated return is furnished after the expiry of 24 months from the end of the relevant assessment year but before completion of the period of 36 months from the end of the relevant assessment year 60% of aggregate of tax and Interest payable (including surcharge & cess) Computed as per section 140B(1) or (2). [ W.e.f. 01.04.2025 Inserted vide Finance Act, 2025 ] (iv) if such return is furnished after the expiry of 36 months from the end of the relevant assessment year but before completion of the period o....