Union Budget 2022: The missing piece of updated return under section 139(8A) of Income Tax Act, 1961
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 24 June, 2022
Latest from Taxmann
KEVAL SONECHA – Partner, Sonecha & Amlani
Union Budget, 2022 proposes to provide an opportunity to tax payers to correct omissions or errors by filing “Updated Return” within 2 years from the end of relevant assessment year along with additional payment of tax and incidental interest. The objective of introducing this facility is to promote voluntary tax compliance and reduce litigation. The existing provisions of Income Tax provide for belated filing before 3 months from the end of relevant assessment year.
Hence, after 9 months from the end of a particular financial year, ITR cannot be filed. If a tax payer is provided sufficient time to correct/rectify a mistake or omission, then it may reduce litigation and needless to mention that IT department will have logical data to arrive to correct conclusion including additional revenue.
Therefore, with this objective the new Section 139(8A) and Section 140B is proposed to be introduced in Income Tax Act, 1961. The question is whether the conditions prescribed in the new section will really help the Government to achieve the desired objective considering the trends of various scheme issued by Government in past. Let’s look into the conditions of Section 139(8A) and Section 140B of Income Tax Act, 1961.
Click Here To Read The Full News
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
