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The Tax Publishers Income Tax--Return of Income Updated Return Under Section 139(8A) V.K. Subramani Every taxpayer has to file ITR for each assessment year and this dictum is applicable for companies and firms. In the case of other taxpayers, filing of ITR is mandatory if the total income assessable under the Act exceeds the maximum amount which is not chargeable to Income-tax. In other words, for other taxpayers if the total income exceeds the basic exemption limit, filing of ITR is mandatory. The time limit to file ITR is up to 31^st day of December of respective assessment year. The Finance Act,2022 inserted sub-section (8A) to section 139 popularly known as 'Updated Return'. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Income Tax--Return of Income

Updated Return Under Section 139(8A)

V.K. Subramani

Every taxpayer has to file ITR for each assessment year and this dictum is applicable for companies and firms. In the case of other taxpayers, filing of ITR is mandatory if the total income assessable under the Act exceeds the maximum amount which is not chargeable to Income-tax. In other words, for other taxpayers if the total income exceeds the basic exemption limit, filing of ITR is mandatory. The time limit to file ITR is up to 31^st day of December of respective assessment year. The Finance Act,2022 inserted sub-section (8A) to section 139 popularly known as 'Updated Return'.