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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Section 139(8A) – Updated Return (ITR-U) u/s 139(8A)

The Finance Bill 2022, for achieving Tax inevitability, has introduced new provisions for filing updated tax returns under section 139(8A) of the Income Tax Act allowing taxpayers under certain conditions which are effective from 1st April 2022. The IT Department had twitted on their official Twitter Account, β€œFinance Act 2022 inserted a new provision of filing Updated Income Tax Returns u/s 139(8A) of the Income-tax Act, 1961.”

What is section 139 (8A)?

As per section 139 (8A) of the income tax act, those individuals who have not filed their returns or filed under section 139 (1), revised under section 139 (5), belated income tax returns 139 (4) can file form ITR-U i.e. Updated income tax returns under Section 139 (8A) within 24 months from the end of the pertinent assessment year. However, there are certain conditions under which a taxpayer can not file an updated ITR. These are as follows-

When can you file an updated return under section 139(8A)?

All taxpayers are allowed to file the updated returns whether they filed the original return or belated return or revised return or not. This will provide an opportunity for the taxpayers to file the correct tax return only if the tax liability is payable within the extended period of 24 months from the end of the relevant assessment year. Updated returns should be accompanied by proof of tax payment instructed in section 140B. However, you need to keep in mind that the updated returns can not be revised again so updated returns under this section can be filed only once for an assessment year. Although there are certain conditions, an updated return can not be filed under section 139 (8A). To know more about it, Read on!!

Updated returns can not be filed u/s 139 (8A) in some cases

All persons including HUF, Firms/LLP, Companies, AOP, BOI, etc are eligible to file Updated returns under section 139(8A). But sometimes the updated return can not be filed in the below-mentioned situations- In case it is showing a return of loss In case it has the effect of reducing the tax liability or increasing the refund. In case either an assessment is pending or completed. In case the Assessing Officer has the details about the assessee under some prescribed acts. In case any survey has been conducted under section 133A.

Prescribed Time for updated returns as per section 139(8A)

The time limit for filing updated returns is 24 months years from the end of such an appropriate assessment year. The last date to file an updated return is 31st March 2023 - A.Y. 2020-21 (F.Y. 2019-20). The last date to file an updated return is 31st Mar 2024 - A.Y. 2021-22 (F.Y. 2020-21). The due date to file an updated return is 31st Mar 2025 - For AY 2022-23 (FY 2021-22).

Additional Tax/Penalty for filing Updated Returns u/s 139 (8A)

There is a fee defined while filing the updated returns. The penalty for filing updated returns is as follows- If you file updated returns within the 1 year from the end of the suitable assessment year. The penalty of 25% of the average tax and interest payable on filing of updated return is to be levied. If you choose to file updated returns between 1 year to 2 years from the end of the relevant assessment year. A penalty of 50% of the average tax and interest payable for filing an updated return is to be levied

Required Details are to be filed in Form ITR-U

The income tax department has introduced Form ITR-U for filing updated returns under section 139(8A). The following are the details for filing the ITR-U form except for the general information. The first is to ensure that you are eligible to file the updated returns as per the rules and regulations mentioned in the first, second, and third provisions of section 139 (8A). Secondly, you have to choose a relevant ITR form Such as ITR-1,2,3,4,5,6 for filing updated returns. Thirdly, select the reasons for updating the income, If income is not reported correctly If previous returns are not filed In case of wrong tax rates If wrong income sources Reduction of carried forward loss Others Select the period during which you are filing updated returns 1 year from the end of the suitable assessment year. 1 year to 2 years from the end of the appropriate assessment year. Select the yes or no- (a) Are you filing the updated return to reduce carried forward loss or unabsorbed depreciation or tax credit?

Calculate total payable tax for updated returns

The total tax liability should be calculated as per the provisions (Section 140B) of the I-T Act as follows:- Particulars Amount Tax payable (On additional income according to adjusted ITR) XXXX Interest levied on additional income (if any under Section 234A/234B/234C) XXXX Late fee (if any under Section 234F) XXXX Taxes paid or relief TCS/TDS//Advance Tax/regular assessment tax XXXX Total refund issued claimed as per the original return XXXX Aggregate tax liability on additional income XXXX Additional tax 25% to 50% XXXX Total Amount Payable XXXX

How to rectify the updated returns?

Updated returns can be rectified only through a Digital Signature Certificate (DSC) in tax audit cases and the filing of returns by a political party. The alternative option is to verify through the electronic verification code (EVC), which is given for non-tax audit cases.

Frequently asked questions

No. An updated return can not be revised once it is filed.

The prescribed time limit for filing updated returns under section 139 (8A) is 24 months from the end of the relevant assessment year.

Yes. If the return does not include tax payment details, ITR filed under section 139 (8A) will be considered defective.

No. You are only allowed to file your ITR for the last 2 years as per the provisions of the income tax department.

The foremost benefit is that it can be used to provide more opportunities to verify the income that loses to be revealed in the earlier return. Another is the same would provide the benefit from any more lawful proceedings and prosecution.

Yes. You can file Income tax returns for the last 2 years as per the new provision of the income tax act 1961 by filing the ITR-U form.

Krishna Gopal Varshney

β€œKrishna Gopal Varshney co-founder & CEO of Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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