Updated Return – Is it boon or bane for the taxpayers?
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- Last Updated on 21 February, 2022
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Harshit Khurana & Devashish Jain – [2022] 135 taxmann.com 241 (Article)
Presently, the income-tax provisions allow taxpayers to file their original return of income within a specified timeframe. Taxpayers failing to furnish their original return are allowed to file a belated return. Additionally, taxpayers are also allowed to revise their original/ belated return and rectify any error or omission made earlier.
The time limits for filing belated/ revised return are quite stringent. Effectively, individual taxpayers get five more months after the due date of filing original return. Also, in case of corporate taxpayers, the additional time granted for revising their return in certain cases is as low as one month.
With Finance Bill 2022, the Government of India has proposed to open another window for the taxpayers to file what is being called an “Updated Return” if the aforesaid time limits for belated/revised returns have elapsed. However, this opportunity comes with certain riders including an additional tax cost to the taxpayers.
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