Updated return scheme: voluntary disclosure with staged additional tax and required proof of payment for compliance. A voluntary updated return regime is proposed by inserting section 139(8A) permitting any person to furnish a prescribed updated return within twenty four ... Summary
Updated return scheme: voluntary disclosure with staged additional tax and required proof of payment for compliance.
A voluntary updated return regime is proposed by inserting section 139(8A) permitting any person to furnish a prescribed updated return within twenty four months from the end of the relevant assessment year, subject to exclusions where it reduces tax or where specified enforcement actions or proceedings exist. The updated return must be accompanied by proof of payment of tax, interest, fee and an additional tax computed as a staged percentage of tax and interest payable; computation rules, credit adjustments and interest calculations are detailed in newly proposed section 140B, and related consequential amendments are proposed.
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