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Section 139(8A): Updated Return under Income Tax


What is Updated return?

Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer

  • to file return of income not filed earlier.
  • to rectify any incorrect disclosure in Income Tax Return.
  • to rectify or change head of Income.
  • to reduce carry forward loss.
  • to reduce unabsorbed depreciation.
  • to reduce income tax credit.

Any individual might file the updated income tax returns of his income or the other individual’s income towards which the person is assessable beneath the act for AY related to the assessment year in 24 months from the finish of the assessment year with another tax.

These returns would be filed in the mentioned form and manner and would have prescribed particulars.


Who can submit Updated Return ?

Any person can submit updated return whether or not he has furnished his Original/Revised/Belated return of Income.

What is time limit for submitting the updated return?

Updated return can be field within 24 months from the end of relevant assessment year. For Example, Updated Return for AY 2022-23 can be filed up to 31st March 2025.

Who is not subjected to Furnish the Updated ITR Under Section 139(8A)?

An individual would indeed not be subjected to file the updated return u/s 139(8A) if: –

  • Search gets executed u/s 132A or books of account other documents or any additional assets are requisitioned u/s 132A in context to these people.
  • A survey gets conducted u/s section 133A excluding 133A(2A) for the case of these people.
  • A notice has been provided to the effect that any books of the account or documents seized or requisitioned u/s 132 or sec 132A in context to any other person, pertain or pertains to or any.
  • The additional details specified in it concerning these people.
  • The mentioned above exception is towards AY concerning PY where the same search gets executed or the survey is being performed or requisition is performed and the two AYs examining a specific assessment year.

There would be no updated return that will be filed by any individual for the related assessment year in which

  • An updated return needs to be filed by him u/s 139(8A) for the concerned assessment year.
  • Any proceeding for the assessment or reassessment or recalculation or the amendment of the income beneath the act is due or gets completed for the concerned assessment year in his
  • Case
  • The assessing officer poses the details towards this individual for the related assessment year under his possession beneath
    • Money Laundering Act, 2002 prevention
    • The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
    • The restriction of the Benami Property Transactions Act, 1988
    • The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976
  • that is to be reported to him before his income tax filing date of the updated return.
  • Beneath the exchange of the details, the data for the related assessment has been obtained beneath the DTAA for these individuals and that has been discussed with him before the filing date of the updated return.
  • Any prosecution proceedings beneath Chapter XXII started for the related assessment year towards these individuals before the filing date of the updated return.
  • He is the type of individual who belongs to the class of person which is being reported by the board for this.


How to Calculate Income Tax on Updated Return ?

As per section 140B of Income Tax Act 1961, income tax liability on updated return will be calculated as follows:-

Tax Payable + Interest + Fees Payable for non filing of Income Tax (if any) + Amount Payable as Additional Tax (For taking benefit of Section 139(8A))= Total Income Tax Liability

Total Tax Liability  (As calculated above) Less TDS/TCS/Advance Tax/Tax Relief etc = Net Tax Liability under section 140B

What is the date of Applicability of the provisions?

The said provisions will be applicable from 1st April 2022.

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