Titled "Aashram: Chapter 2- The Dark Side", the season will premiere on MX Player.
Directed by Jha, "Aashram" saw Deol, 51, as a self-styled godman Baba Nirala.
"We've all worked very hard and with a lot of passion on this series and the response from the audience has made every bit of that worthwhile. Hope this new chapter will continue to excite the audiences," Jha said in a statement.
The first season of "Aashram" premiered in August and also featured Chandan Roy Sanyal, Aaditi Pohankar, Darshan Kumaar, and Adhyayan Suman in pivotal roles.
It was Deol's maiden web series.