Scope of filing of updated return in the case of reduction of losses – reg.

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.... of persons who are required to file a return, the due dates, and the different types of returns that may be furnished. It covers the original return, belated return, revised return and the updated return. 2. Further, section 263(6) of the Act deals with the updated return of Income. It allows a taxpayer, whether or not a return was furnished earlier, to file an updated return within 48 months fr....

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....pdated return cannot be furnished in such cases where updated return is a return of loss for the said tax year. 4. In this regard, suggestions were received from the stakeholders that updated return may also be allowed in such cases where taxpayer is reducing the amount of loss in comparison to the amount of loss claimed in the return of loss furnished within the due date specified under sub-sect....