The Income Tax Department on January 10, 2025, issued a notification regarding provisions for Filing an Updated Return under Section 139(8A) of the Income Tax Act.
The following has been stated: -
•Section 139(8A) of the Income Tax Act allows a person to file an updated return within 24 months from the end of the relevant assessment year, except in certain cases like search, survey, or pending proceedings.
•The updated return cannot reduce tax liability, result in a refund, or be filed if a return has already been furnished.
•It is also not allowed if the taxpayer is involved in specific legal or enforcement actions. However, a return of income can be updated if a loss was reported earlier.
•Loss carry-forward adjustments must be updated accordingly in subsequent years.
The detailed notification is given in the document below.
