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of <h1>Finance Bill 2022: New Provision u/s 139 Allows Updated Tax Returns within 24 Months, Effective April 1, 2022.</h1> The Finance Bill 2022 introduces a new provision under Section 139 of the Income Tax Act, allowing taxpayers to file an updated return within 24 months from the end of the assessment year. This aims to enhance voluntary tax compliance and reduce litigation. Taxpayers will pay an additional tax of 25% or 50% on the tax and interest due for updated returns, depending on the timing of the filing. The provision excludes cases involving searches, surveys, or specific notices. Amendments to related sections ensure compliance and facilitate the filing process, effective from April 1, 2022.
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