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The Economic Times

Economy / The Economic Times

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Finance Act 2026: The updated returns refund trap

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.

31 Aug 2026 6:30 am