139(8a): Finance Bill 2022 has proposed a new

Finance Bill 2022 has proposed a new sub-section 8 (A) in section 139 for furnishing the updated return. The provisions of ITR-U are covered under section 139 (8A) of the Income Tax Act. ITR-U can be filed even if the taxpayer has missed the due date of original return, revised return and belated returns. Section 139 (8A) of the Income Tax Act allows filing an updated return within 24 months from the end of the relevant assessment year. Learn more about eligibility, provisions, and FAQs. The provision of section 139 (8A) shall not apply, if the updated return,— (a) is a return of a loss; or (b) has the effect of decreasing the total tax liability determined on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5); or