All about updated income tax return u/s 139 (8A)

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All about updated income tax return "ITR U" u/s 139 (8A) 

income tax return after 31st December

CBDT has notified form for updated return "ITR U" u/s 139 (8A). Updated return was proposed in Union Budget 2022. CBDT vide Notification No. 48/2022 dated 29/04/2022 make rule to implement provisions of updated return from the AY 2020-2021. Point wise summary of the provisions related to updated return:

1. Provisions of Section 139 (8A) i.e. updated return (ITR-U) will be applicable from AY 2020-2021

2. ITR-U will be used for filing updated return.

3. Updated return is to be filed within twenty-four months from the end of the relevant assessment year.

4. Updated return can be filed irrespective whether return of income is filed or not for the relevant year.

5. Additional income tax (i.e. over and above tax interest payable) payable along with updated return is 25% of aggregate of tax and interest payable if updated return is filed within 12 months from the end of the relevant assessment year.

E.g. Say income tax and interest payable is Rs. 1,00,000/- as per your calculation, then 25000/- is additional income tax to be paid along with updated return.

6. Additional income tax (i.e. over and above tax & interest payable) payable along with updated return is 50% of aggregate of tax and interest payable if updated return is filed within 24 months but after expiry of 12 month from the end of the relevant assessment year. 

7. Update return can not be filed if the updated return, is

  • Return of loss or
  • has the effect of decreasing the total tax liability as determined in earlier field return of income or
  • results in refund or increases the refund 
8. Updated return can not be filed by a person where
  • (a) a search has been initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132A in the case of such person; or
  • (b) a survey has been conducted under section 133A, other than sub-section (2A) of that section, in the case such person; or
  • (c) a notice has been issued to the effect that any money, bullion, jewellery or valuable article or thing, seized or requisitioned under section 132 or section 132A in the case of any other person belongs to such person; or
  • (d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned under section 132 or section 132A in the case of any other person, pertain or pertains to, or any other information contained therein, relate to, such person.
  • An updated return has been furnished earlier for the relevant assessment year. 
  • any proceeding for assessment or reassessment or re-computation or revision of income under this Act is pending or has been completed for the relevant assessment year 
  • the Assessing Officer has information in respect of such person under the 
    -Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 or
    -Prohibition of Benami Property Transactions Act, 1988 or
    -Prevention of Money-laundering Act, 2002 or
    -Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
    -under an agreement referred to in section 90 or section 90A 
    and such info is communicated to such person before the filing updated return.
  • any prosecution proceedings under the Chapter XXII have been initiated prior to the date of filing an updated return. 
  • such person or belongs to such class of persons, as may be notified by the Board in this regard.
9. Any person filed return of loss u/s 139(1) can file updated return if such updated return is a return of income.

10. If c/f loss, unabsorbed depreciation, MAT credit is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, an updated return shall be furnished for each such subsequent previous year. 

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