The Finance Bill 2022 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for facilitating filing of ‘Updated Return’ by the taxpayers. This section has effect from 1st April 2022.
A taxpayer can file an updated return within two years from the end of the relevant Assessment Year. Thus, a taxpayer can now file an updated return for period from AY 2020-21. Updated return can be filed irrespective of the fact that whether the original return was filed by the taxpayer or not. However, to file an updated return, the taxpayer has to meet the below-mentioned conditions:
1. The updated return can be filed only if the taxpayer has to disclose any additional income, which was missed / omitted earlier, and pay the additional tax thereon.
2. Updated return cannot be filed to reduce any income and report loss or increase the loss thereby resulting in reduction of tax liability or increase in tax refund.
3. The option of updated return can be opted only once for one assessment year.
4. If the updated return is being filed within 12 months from the end of the relevant assessment year, then an additional income tax of 25% and interest thereon shall be payable.
5. If the updated return is being filed within the period of 13 months to 24 months from the end of the relevant assessment year, then an additional income tax of 50% and interest thereon shall be payable.
6. While filing an updated return, the proof of payment of additional income tax & interest thereon shall have to be submitted by the taxpayer.
7. A taxpayer cannot file an updated return in case of search & seizure or case where any prosecution proceedings have been initiated against the taxpayer.
Although the additional income tax along with the interest thereon constitutes in higher tax liabilities and appears as a burden on a taxpayer, this facility of filing an updated return can also be viewed as an opportunity to disclose the earlier missed income and save oneself from any legal proceedings and prosecutions. If the Assessing Officer believes that the assessee has escaped any income to be reported in Income Tax Return or has under reported the income, such Officer has a power to assess or re-assess such income. In case of under-reporting of income, a penalty as high as 50% of the tax payable could be levied & for misreporting of income could lead to a levy penalty as high as 200% of the tax payable on the misreported income. Thus, the provision of filing of Updated Return should act like an opportunity window to save oneself from paying extra amount in form of penalty.
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Hi,
Can we claim exemption of section 87A in Updated return ?
my case is in scrutiny for AY 22-23. now can I file update return?
i have miss the return file for the assessment year 2022-23 due to few reason and i have refund then can i claim a refund under 139 (8A)
I filed ITR1 on 22 July 2022 for FY 21-22 still not processed,
How much do I have to wait for its completion, is it a sign of any upcoming queries/penalties?
Hi
I am in a situation that AY 20-21 return was invalid(not considered) since it was not e-verified with in time limits.
now under u/s139(8A) , should I consider as filed under 139(1)/not filed/other
You can request for condonation of delay to validate your previoulsy filed by not e-verified at that time. Or you can prepare a fresh return and file u/s 139(8A) as updated return considering your previously return was not validated within stipulated time. For further assistance you can contact us at 9024915488. Thanks
One of my client has filed his AY 21-22 return under new regime. He has not filed his AY 22-23 return in time. Now when we are trying to file his return under new regime, system is not allowing us to choose new regime. Any solution on this. i don’t want to opt out of new regime.
Hello Aashutosh,
If taxpayers opt in or opt out for new tax regime the taxpayers are require to file the form 10-IE which is require to file within due date and due date for income tax return 31st July for AY 22-23 so you can not file under new tax regime.
Brijesh Soni
Tax and Account Consultant.
sir, i already file original itr for ay 21-22 in due date with refund due and i have also refund received and that time i have shown my income below 2.5 lacs. now i want to update my income i want to show my income between 2.5 to 5 lacs, can i file update return for this year
Madam/Sir,
In the F.Y.2021-22 and A.Y.2022-23 my deduction under 80c was 150000 and NPS tier 1 was 50000. but I didn’t mention the NPS deduction and paid RS 10450 as income tax in August 2022. Can I claim refund u/s 139(8a) now by mentioning NPS of 50000 as a deduction.
THERE IS A MISMATCH IN THE AIS AND 26 AS. ADDRESSED A LETTER TO THE TAX DEDUCTOR WITH A REQUEST TO RECTIFY THE SAME. THE DEDUCTOR IS NOT RESPONDING POSITIVELY. HOW TO SOLVE THE PROBLEM.
Dear Narendra,
It is clearly mentioned that this section introduced to enhance th revenue to government and not to give any additional or forgotten deduction to the assessee.
This is only opportunity to disclose forgone incomes alone not the deductions. No it can’t help you.
Can I fill in the income tax return for fy 20-21 now as I was not filling the same earlier due to some exigent reasons.
Can the Assessee filed Return below taxable limit under section 139 (8) ? without payment of Rs.1000 ot 5000/- as penalty ?
Assessee filed firm return showing 80000 and claiming refund of 75000/- Now can we revise return upward showing 1 lakh income. If so how tds should be shown as we have already refund earlier.
I filed my return of income for the AY-2021-22 and the same is assessed within time frame. When I saw my assessment order I found that my refund 50% allowed and 50% of the refund not shown. Immediately I filed sec 154, there shows there is miss match of TDS from 26AS . Again I filed S154 but same answer found. Now if see 26AS I can see all TDS shows properly. Pl. advise how can I claim balance amount. Pl. help
Can we opt for the New Regime while filing the Updated ITR (ITR-U) under section 139 (8A)?
Can We just Submit ITR u/s 139(8A) without e-verify…? Pan-Aadhaar not Link..? Can we only Submit return in Computax..?
option of sending itr v through post / spped post may be available. please check.
22/23
whether a private limited company can file ITR “U” U/S 139(8) , please guide the process as the portal is not showing the option to file the same.
Can I file an updated return ITR2 for AY2021-22 where I filed ITR1 earlier which was supposed to be ITR2
I intend to file revised /rectified return for AY 2021-22 through offline under Section 139(5) .But Income tax Deptt has provided only Jason version under utilities which commen man cannot use . Is there are chances to provide excel version for AY 2021-22
I am also having the same problem. Give me a solution.
WHAT IF I FILE MY MISSED RETURN BELOW 2.5 LAKHS, WILL THERE BE ANY LATE FEES OR PENALTY?
I am filing return U/s 139(8A) and filling Utility ITR 4, late fee amount u/s 234F is showing Rs.5000 where my taxable total income is less than 5 lacs. Rs.5000 is correct or error in utility.
i also have the same issue sir..please let me know if you find the solution to this
Hello dear, did you find a solution to this? Thanks.
When I am filing return u/s 139(8A) and filling ITR 4 utility late fee amount showing Rs.5000. my taxable total income is less than 5 lacs. It should be 1000 as per my knowledge. It is error in utility or late fee is 5000 only.
I have received a sms under e-compaign that i have to file return for a. y 22-23. I have not filed return earlier as I have received somefund from forest deptt as my land has been acquired byNHAi. I have total income 304567.I am sr. citizen also. whilesubmitting thereurn system not showing the head section 139(4).not accepting under 139(4).which head I should choose.
i have filed 139(8) of my client but showing tax payable should be morethan 1 can’t be zero after 1000 late fees calculated by jhon utility,all validation ok no error but uploading showing error
If no return ever been filed for AY 2020-21 & 2021-22 can an assessee file the same u/s 139(8A) now?
I have not filed my ITR. Can I file my ITR u/s 139(8A) for AY 2020-21 onward and for AY 2022-23 on regular basis
Sir/ Madam
This is for the A.Y. 2020-21. Capital gain on sale of property not disclose at the time of return. Capital gain has been fully deposited in new property in stipulated time. Tax deducted by buyer also not disclose .Excluding TDS on sale of property, other TDS amount recd by way of Refund for the A.Y. 2020-21. Can i able to disclose now capital gain & TDS on sale of property so i can get refund with the help of section 139 (8A) . Please suggest.
Thanks
Sir,
Refund could not be claimed in the return filed u/s.139(8A).
Can we file updated return for missed ITR for Ay 2021 22