Updated Return Filing Deadline Under Income Tax Act
Section 139(8A) of the Income Tax Act allows taxpayers to furnish an updated return of income.
This updated return can be filed for a previous year. The specific time frame allowed is critical for compliance.
Key Provision: Section 139(8A)
As per Section 139(8A) of the Income Tax Act, an updated return of income for the relevant previous year can be furnished within a specific period.
This period is calculated starting from the end of the relevant Assessment Year.
Time Limit for Updated Return
- The updated return must be furnished within 24 months from the end of the relevant assessment year.
This provision provides a window for taxpayers to correct or update their income disclosures after the initial or revised return filing deadlines.
Important Questions from Income-tax
Tax audit is compulsory in the case of a person carrying on profession and whose gross receipts exceeds which one of the following?
Which are the appropriate tax planning perspectives in case of shutdown or continued decision under the Income Tax Act, of 1961?
A. Business loss and unabsorbed depreciation can be carried forward and set off against profit and gain.
B. The loss-making company and profit-making company may merge to avail of the tax benefit
C. Tax benefit of deduction u/s 33 AB and 115 VT may be withdrawn and liable to tax for the year in which the business is discontinued.
D. The condition of section 80 IB / 80 IC of the Act, a deduction is allowed for such undertaking
E. If a person has more than one business, the loss-making business may not be discontinued.
Choose the most appropriate answer from the options given below:
Which of the following is NOT a change of the new Income Tax bill introduced in the Parliament during February 2025?
What is the basic difference in the aggregates at market price and factor cost?
The ratio of income and expenditure is 9:5. Income increases by 40% and expenditure decreases by 10%. If the initial income is ₹45,000 then the final saving (in ₹) is:
