Updated Return Updated Return : Issues and Procedure

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The Tax Publishers Income Tax--Updated Return Updated Return : Issues and Procedure CA. Manoj Gupta Department has since been tightening return filing rules but now vide Finance Act, 2022 the department came out with a novel idea to allow the assessee to file updated return. The learned author analyses provisions/identifies various issues and explains the same with the help of apt illustrations. 1. Introduction From past certain years the Government is tightening time limits to file revised return or belated return. Earlier belated return could be filed within one year from the end of the assessment year and then it was reduced to end of the assessment year and currently belated return could be filed upto December 31 of the relevant assessment year. But now the Government has suddenly made a U turn and has proposed to introduce the concept of updated return vide Finance Bill, 2022 though it is not a revised return or belated return but given assessee an option to file or revise return for past two years, of course with additional tax liability. For the purposes the Finance Act, 2022 has inserted a new sub-section (8A) in Section 139 from 1-4-2022 and has provided for consequential amendments. 2. Who can furnish an updated return Any person, whether or not he has furnished a,-- (a) return under sub-section (1) of Section 139 (Original return) or (b) return under sub-section (4) of Section 139 (Belated return) or (c) return under sub-section (5) of Section 139 (revised return), for an assessment year (herein referred to as the relevant assessment year). may furnish an updated return of his income or the income of any other person in respect of which he is assessable under the Act. 3. Circumstances in which updated return cannot be filed No updated return shall be furnished by any person for the relevant assessment year, where -- SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Income Tax--Updated Return

Updated Return : Issues and Procedure

CA. Manoj Gupta

Department has since been tightening return filing rules but now vide Finance Act, 2022 the department came out with a novel idea to allow the assessee to file updated return. The learned author analyses provisions/identifies various issues and explains the same with the help of apt illustrations.

1. Introduction

From past certain years the Government is tightening time limits to file revised return or belated return. Earlier belated return could be filed within one year from the end of the assessment year and then it was reduced to end of the assessment year and currently belated return could be filed upto December 31 of the relevant assessment year.

But now the Government has suddenly made a U turn and has proposed to introduce the concept of updated return vide Finance Bill, 2022 though it is not a revised return or belated return but given assessee an option to file or revise return for past two years, of course with additional tax liability. For the purposes the Finance Act, 2022 has inserted a new sub-section (8A) in Section 139 from 1-4-2022 and has provided for consequential amendments.

2. Who can furnish an updated return

Any person, whether or not he has furnished a,--

(a) return under sub-section (1) of Section 139 (Original return) or

(b) return under sub-section (4) of Section 139 (Belated return) or

(c) return under sub-section (5) of Section 139 (revised return), for an assessment year (herein referred to as the relevant assessment year).

may furnish an updated return of his income or the income of any other person in respect of which he is assessable under the Act.

3. Circumstances in which updated return cannot be filed

No updated return shall be furnished by any person for the relevant assessment year, where --