139(8a): Whether updated return is furnishing

Whether updated return is furnishing after the due date of filing the return under (section 139 (4)/ (5)) and within 12 months from the end of assessment year. Section 139 (8A) of the Income Tax Act, 1961, provides taxpayers the opportunity to furnish an updated return for a specific assessment year within 24 months from the end of the relevant assessment year. Updated Return [Section 139 (8A)] As per Budget, 2022 Hello Tax Loud Readers, we are here with another latest update on Income Tax which can help taxpayers to manage their taxes. The Updated Income Tax Return (ITR-U) is a recent provision introduced under Section 139(8A) of the Income Tax Act, 1961. This provision gives taxpayers an opportunity to correct errors or omissions in their previously filed returns, even after the prescribed deadlines have passed.