Home > Income Tax > Service Plans > Updated Return u/s 139(8A) Filing Service Plan Last Updated: Jan 02nd 2025
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Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)- Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation.
All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers needs to meet the following criteria to file the updated returns.
The time limit for filing updated returns is 2 years from the end of such relevant assessment year.
The due date for filing Belated and Revised Income Tax returns for FY 2023-24 is extended to 15th Jan 2025 from 31st Dec 2024 for only Resident Individuals
With Reference to above, NRI, Firm, LLP, AOP, Companies and Trusts are eligible to file updated income tax returns w.e.f 01st January 2025
Resident Individuals can file updated income tax returns for AY 2024-25 w.e.f 16th Jan 2025
No, you cannot file updated return if you have the refund. Updated return can be filed by only those persons who have tax liability.
Updated return can be filed only once and it is not possible to revise updated return.
Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.