Finance Act 2026: Updated return rules change for taxpayers reporting reduced losses

The Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a reported loss and the corrected return remained a loss return. The amendment now permits such loss reduction updated returns retrospectively from 1 March 2026.

from Tax-Wealth-Economic Times https://ift.tt/aPILBKO