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CBDT has issuedCorrigendum dated February 06, 2023toCircular No. 23 of 2022 dated November 03, 2022on the Explanatory Notes to the Finance Act 2022 regarding the amendments made in direct tax laws vide Finance Act, 2022 TheFinance Act, 2022as passed by the Parliament, received the assent of the P
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FAQ :
The CBDT has issued a corrigendum to Circular No. 23 of 2022, which explained amendments made in direct tax laws by the Finance Act 2022.
The corrigendum was issued on February 06, 2023.
The corrigendum clarifies the provisions related to furnishing updated income tax returns under Section 139(8A) of the Income-tax Act.
The text 'two assessment years preceding such assessment year' has been amended to 'any assessment year preceding such assessment year' in relation to the time frame for filing an updated return.
An updated return allows taxpayers to declare any income that was missed or understated in their original return, within a specified time frame and upon payment of additional tax.
Yes, an updated return cannot be filed if a search has been initiated, a survey has been conducted, certain notices have been issued, or if assessment/reassessment proceedings are pending or completed for that assessment year.
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