Updated return income tax

Introduction : The Finance Act, 2022 has brought new Income Tax return filing facility to be known as ‘U pdated Return’. For this purpose a new sub section 8(A) has been added to section 139 of the Income Tax Act (w.e.f. 01.04.2022). Simultaneously, a new Rule 12AC has also been inserted in the Income Tax Rules, wherein form and manner of filing updated return has been prescribed. The updated return is to be filed in form ITR-U. The updated returns can be filed for the assessment years commencing from the assessment year 2020-21 and subsequent assessment years (within the applicable time limits). In this article an attempt has been made to discuss various aspects of this new facility. Presently Available Return Filing Facilities Will Continue : The updated return facility is an additional return filing facility in addition to the presently available return filing facilities. Presently, in normal course, the assessee can file – (i) Original return within due date U/s.139(1) ; (ii) Belated original return U/s. 139(4) ; and (iii) Revised return U/s. 139(5). After introduction of updated return facility, the present facility to file these three type of returns will remain continue. Now, in addition to the above three type of returns, the assessee will be able to file the new updated return also. For example – (a) If the assessee has filed original return U/s. 139(1) then he can file updated return. (b) If the assessee has filed belated original return U/s. 139(4) then also he ...

1.) What is Updated Return ? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer -to file return of income not filed earlier -to rectify any incorrect disclosure in Income Tax Return -to rectify or change head of Income -to reduce carry forward loss -to reduce unabsorbed depreciation -to reduce income tax credit etc. 2.) Who can submit Updated Return ? Any person can submit updated return whether or not he has furnished his Original/Revised/Belated return of Income. 3.) Time Limit for Submission of Updated Return? Updated return can be field within 24 months from the end of relevant assessment year. For Example, Updated Return for AY 2022-23 can be filed up to 31 st March 2025 4.) When Updated Return Cannot be Submitted ? In the following circumstances updated return cannot be submitted • If updated return is return of loss • If updated return is reducing Income Tax Liability in return filed earlier • If updated return result in increase of Refund • If search has been initiated under section 132 • If books of Accounts or any other documents are requisitioned under section 132A. • If survey has been conducted under section 133A • If any proceeding of assessment, reassessment, recomputation or revision is pending or completed in that year • If AO has information against such person under Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax ...

Introduction : The Finance Act, 2022 has brought new Income Tax return filing facility to be known as ‘U pdated Return’. For this purpose a new sub section 8(A) has been added to section 139 of the Income Tax Act (w.e.f. 01.04.2022). Simultaneously, a new Rule 12AC has also been inserted in the Income Tax Rules, wherein form and manner of filing updated return has been prescribed. The updated return is to be filed in form ITR-U. The updated returns can be filed for the assessment years commencing from the assessment year 2020-21 and subsequent assessment years (within the applicable time limits). In this article an attempt has been made to discuss various aspects of this new facility. Presently Available Return Filing Facilities Will Continue : The updated return facility is an additional return filing facility in addition to the presently available return filing facilities. Presently, in normal course, the assessee can file – (i) Original return within due date U/s.139(1) ; (ii) Belated original return U/s. 139(4) ; and (iii) Revised return U/s. 139(5). After introduction of updated return facility, the present facility to file these three type of returns will remain continue. Now, in addition to the above three type of returns, the assessee will be able to file the new updated return also. For example – (a) If the assessee has filed original return U/s. 139(1) then he can file updated return. (b) If the assessee has filed belated original return U/s. 139(4) then also he ...

1.) What is Updated Return ? Updated Return is Return of Income under section 139(8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer -to file return of income not filed earlier -to rectify any incorrect disclosure in Income Tax Return -to rectify or change head of Income -to reduce carry forward loss -to reduce unabsorbed depreciation -to reduce income tax credit etc. 2.) Who can submit Updated Return ? Any person can submit updated return whether or not he has furnished his Original/Revised/Belated return of Income. 3.) Time Limit for Submission of Updated Return? Updated return can be field within 24 months from the end of relevant assessment year. For Example, Updated Return for AY 2022-23 can be filed up to 31 st March 2025 4.) When Updated Return Cannot be Submitted ? In the following circumstances updated return cannot be submitted • If updated return is return of loss • If updated return is reducing Income Tax Liability in return filed earlier • If updated return result in increase of Refund • If search has been initiated under section 132 • If books of Accounts or any other documents are requisitioned under section 132A. • If survey has been conducted under section 133A • If any proceeding of assessment, reassessment, recomputation or revision is pending or completed in that year • If AO has information against such person under Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Asset) and Imposition of Tax ...