CBDT introduced a new concept ‘Update Return” on 29th April 2022 notifying Rule 12AC of the Income Tax Rules 1962.
There are circumstances, an assessee failed to file income tax return, and time for filing income tax return, belated return has already been expired. Or income tax return filed within due date but subsequently found that income was under reported or some heads of income was not reported in the income tax return already filed for an assessment year, and time for revised return has expired.
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