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ITA 2025 regimeAct — chapter commentaryVolume XV1 min read

ITA 2025 — Chapter XV commentary (Vol XV)

Chapter XV

CHAPTER XV — RETURN OF INCOME INCOME-TAX ACT, 2025 INCOME-TAX ACT, 1961 s. 263 — Return of income s. 139 s. 263(5) — Updated return (4 years) s. 139(8A) s. 264 — PAN / Aadhaar linkage ss. 139A, 139AA s. 268 — Defective return s. 139(9) s. 269 — Verification s. 140 s. 270 — Self-assessment s. 140A…

CHAPTER XV — RETURN OF INCOME

Chapter XV — At a Glance

INCOME-TAX ACT, 2025

INCOME-TAX ACT, 1961

s. 263 — Return of income

s. 139

s. 263(5) — Updated return (4 years)

s. 139(8A)

s. 264 — PAN / Aadhaar linkage

ss. 139A, 139AA

s. 268 — Defective return

s. 139(9)

s. 269 — Verification

s. 140

s. 270 — Self-assessment

s. 140A

s. 271 — Updated return tax

s. 140B

Practitioner notes

  • Updated return: extended by FA 2025 to 48 months with sliding additional-tax scale; effective amnesty channel for omissions.
  • Aadhaar-PAN linking: monitor; unlinked PAN inoperative for transactions / TDS / refunds.
  • Foreign asset disclosure (Schedule FA / FATCA): mandatory; non-disclosure invokes Black Money Act.
  • Defective return: 15-day rectification window; track AO notices on income-tax portal.