Omitted certain income in ITR? File updated return but caution is needed

Use this facility cautiously, since once filed the updated return can't be modified.

The Finance Act, 2022, introduced a new Income-Tax Return (ITR) filing facility known as updated return. A new sub-section 8(A) was added to Section 139 of the Income-Tax (I-T) Act for this purpose. This scheme came into effect from April 1, 2022. Nearly 75,000 updated returns have been filed so far.  

Moiz Rafique, managing partner, Privy Legal Services LLP says, “Updated return is an opportunity for taxpayers to correct omissions or errors in their previous ITR. It also enables them to file a new ITR if they have not filed it previously.” 

Key features

Using the updated return facility, a