Summary
- The amended Section 139(8A) of the Income-tax Act, 1961 now allows taxpayers to file an Updated Return (ITR-U) within 48 months from the end of the relevant assessment year, doubling the previous limit.
- This extension aims to promote voluntary tax compliance while imposing strict restrictions on loss returns and cases under departmental scrutiny.
- Notably, ITR-U cannot be used to reduce tax liability or claim refunds, ensuring it serves only for additional tax disclosures.
- Taxpayers must navigate these changes carefully, as filing ITR-U involves additional tax liabilities and is barred once certain departmental actions are initiated.
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