Any person , Whether or not he has not furnished an original return, belated return or revised return, may furnish an updated return of his income till 24 months from the end of the assessment year.
But when he cannot file updated return-
? If updated return is a loss,
? If updated return will decrease the total tax liability declared earlier,
? If updated return results in refund or increases the refund filed earlier,
? If search has been initiated u/s 132 or books of account or assets are requistioned u/s 132A or survey has been conducted u/s 133A,
? If any proceeding for assessment or reassessment or recomputation or revision of income is pending or has been completed for that assessment year. Any prosection proceedings pending or information received under an agreement refered to in sections 90 or 90 A in respect of person and same has been communicated to him.
? Amount of Additional Tax Required to Pay
(In addition to Normal Tax, Normal Interest, Normal Late Fees)
? Return furnished after expiry of timit limit for revised return or belated return but before completion of period of twelve months from the end of the relevant assessment year – 25 % of aggregate of tax and interest payable.
? Return furnished after expiry of twelve months from the end of the relevant assessment year but before expiry of twenty four months the end of the relevant assessment year – 50 % of aggregate of tax and interest payable.
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