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Rediff.com  » Business » No updated tax returns after facing searches by I-T department

No updated tax returns after facing searches by I-T department

By BS Reporter
February 11, 2023 19:53 IST
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Persons and entities who have faced search or survey proceedings by the income tax department “in any previous year” will no longer be allowed to file updated tax returns.

Tax

Illustration: Uttam Ghosh/Rediff.com
 

Earlier, it was proposed that an updated tax return cannot be filed, in case of search or survey proceedings in the relevant financial year and the preceding one.

Citing the previous circular on November 3 regarding the updated tax return (under Section 139 8(a), the Central Board of Direct Taxes (CBDT) on February 6 clarified, “In the said circular, in sub-point (iii) of the point (1) of sub-paragraph… the words ‘two assessment years preceding such assessment year’ shall be read as ‘any assessment year preceding such assessment year’.”

Notably, an updated return cannot be filed to set off losses incurred against income, or to claim additional refunds.

The option of updated return can be availed of only if the return has not been selected for scrutiny.

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BS Reporter in New Delhi
Source: source
 

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