Itr filing for ay 2022-23

New Provision Section 139(8A) for Updating ITR as per Budget 2022 applicable from AY 22-23 Intention behind introducing Sec 139(8A) In order to provide more time to tax payers, it is proposed to introduce a new provision in section 139(8A) of the Act for filing an Updated Return of income by any person, whether he has filed a return previously for the relevant assessment year, or not. The proposal for updated return over a period longer than that is provided in the existing provisions of Income-tax Act would on the one hand bring use of huge data with the IT Department to a logical conclusion resulting in additional revenue realization and on the other hand, it will facilitate ease of compliance to the taxpayer in a litigation free environment. Time limit of filing Updated ITR Any person may furnish an updated return of his income or the income of any other person in respect of which he is assessable under the Act for the P. Y. relevant to such A. Y., within 24 months from the end of the A. Y. with additional tax. Such return shall be furnished in the prescribed form and manner and shall contain prescribed particulars. Cases where Section 139(8A) will not apply The new proposed provision of Sec 139(8A) shall not apply, if the updated return, • is a return of a loss or • has the effect of decreasing the total tax liability determined on the basis of return furnished u/s 139(1), (4) or (5) or • results in refund or increases the refund due on the basis of return furnished u/...

New Provision Section 139(8A) for Updating ITR as per Budget 2022 applicable from AY 22-23 Intention behind introducing Sec 139(8A) In order to provide more time to tax payers, it is proposed to introduce a new provision in section 139(8A) of the Act for filing an Updated Return of income by any person, whether he has filed a return previously for the relevant assessment year, or not. The proposal for updated return over a period longer than that is provided in the existing provisions of Income-tax Act would on the one hand bring use of huge data with the IT Department to a logical conclusion resulting in additional revenue realization and on the other hand, it will facilitate ease of compliance to the taxpayer in a litigation free environment. Time limit of filing Updated ITR Any person may furnish an updated return of his income or the income of any other person in respect of which he is assessable under the Act for the P. Y. relevant to such A. Y., within 24 months from the end of the A. Y. with additional tax. Such return shall be furnished in the prescribed form and manner and shall contain prescribed particulars. Cases where Section 139(8A) will not apply The new proposed provision of Sec 139(8A) shall not apply, if the updated return, • is a return of a loss or • has the effect of decreasing the total tax liability determined on the basis of return furnished u/s 139(1), (4) or (5) or • results in refund or increases the refund due on the basis of return furnished u/...

How To File Income Tax Return: The online and offline options available for filing the ITR. Taxpayers can file the return till July 31. The ITR filing is mandatory for those earning over Rs 2.5 lakh in a year. Here’s a step-by-step guide to file ITR AY 2023-24 online. Firstly, for filing ITR, you need some key documents like PAN card, Aadhaar card, Form 16, bank statement and Form 26AS and, if any, investment proofs, rent agreement, sale deed, and dividend warrants. Steps To File And Submit ITR Through Online Mode: Step 1: Log in to the e-Filing portal using your user ID and password. Step 2: On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return. Step 3: Select Assessment Year as 2023–24 and Mode of filling as online, then click continue. Step 4: In case you have already filled the Income Tax Return and it is pending for submission, click Resume Filing. In case you wish to discard the saved return and start preparing the return afresh, click Start New Filing. Step 5: Select Status as applicable to you and click Continue to proceed further. Step 6: You have two options to select the type of Income Tax Return: • If you know which ITR to file, Select the ITR form; else • If you are not sure which ITR to file, you may select Help me decide which ITR Form to file and click Proceed. Here the system helps you determine the correct ITR, then you can proceed with filing your ITR. Step 7: Once you have selected the ITR applicable to you, note the list of docu...

New Provision Section 139(8A) for Updating ITR as per Budget 2022 applicable from AY 22-23 Intention behind introducing Sec 139(8A) In order to provide more time to tax payers, it is proposed to introduce a new provision in section 139(8A) of the Act for filing an Updated Return of income by any person, whether he has filed a return previously for the relevant assessment year, or not. The proposal for updated return over a period longer than that is provided in the existing provisions of Income-tax Act would on the one hand bring use of huge data with the IT Department to a logical conclusion resulting in additional revenue realization and on the other hand, it will facilitate ease of compliance to the taxpayer in a litigation free environment. Time limit of filing Updated ITR Any person may furnish an updated return of his income or the income of any other person in respect of which he is assessable under the Act for the P. Y. relevant to such A. Y., within 24 months from the end of the A. Y. with additional tax. Such return shall be furnished in the prescribed form and manner and shall contain prescribed particulars. Cases where Section 139(8A) will not apply The new proposed provision of Sec 139(8A) shall not apply, if the updated return, • is a return of a loss or • has the effect of decreasing the total tax liability determined on the basis of return furnished u/s 139(1), (4) or (5) or • results in refund or increases the refund due on the basis of return furnished u/...