Income Tax : Taxpayers can file updated returns within 48 months of the assessment year by paying additional tax. The provision promotes volunt...
Income Tax : The Finance Bill 2026 proposes allowing taxpayers to file an Updated Return even after receiving a reassessment notice under Secti...
Income Tax : Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to re...
Income Tax : Explore the legal and technical hurdles in filing Updated Returns under Section 139(8A), including Excel utility dependencies and ...
Income Tax : Explains deadlines for belated returns and the updated ITR-U window, helping taxpayers avoid escalating additional tax under secti...
Income Tax : Learn about updated returns under Section 139(8A) of the Income Tax Act, including eligibility criteria, restrictions, and conditi...
Income Tax : Learn how to file updated returns under Section 139(8A) of the Income Tax Act within 24 months from the assessment year end. Know ...
Income Tax : Department urges taxpayers, to view their AIS through e-filing portal and file updated ITRs (ITR-U), wherever necessary. Eligible ...
Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...
Income Tax : The Court ruled that an assessee cannot invoke Section 139(8A) after initiation of assessment proceedings under Section 143(2). It...
Income Tax : The Tribunal held the reassessment invalid as NFAC completed the process without issuing a mandatory notice under section 148A. It...
Income Tax : The central issue was the correct depreciation rate for the HP Indigo Digital Press. ITAT Mumbai ruled the printer is an integral ...
Income Tax : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Discover how to resolve JSON saved in path not found error when generating a JSON file from an Excel-based utility for filing an ITR-U using Form 139(8A). Learn more.
Interest payable under section 234B shall be computed on an amount equal to the assessed tax as reduced by the amount of advance tax, the credit for which has been claimed in the earlier return, if any.
Taxpayers filing an Updated Return (ITR-U) u/s 139(8A) get a chance to disclose additional income & pay additional taxes. Know the eligibility criteria!
Learn about the updated return process under section 139(8A) of the Income Tax Act. File or update your ITR within two years for improved tax compliance.
Filing ITR-U Return in India: Discover the benefits, process, and additional income tax payable. Learn about the updated return facility introduced in Union Budget 2022 under Section 139(8A) for taxpayers who missed the ITR due date. Understand the conditions, benefits, and calculation of additional tax payable. Stay informed and compliant with the tax laws.
Explore Section 139(8A) – Updated Return, offering a unique opportunity for individuals and companies to rectify omissions or errors in their tax filings. Understand who can file, conditions, and restrictions. Delve into practical examples, time limits, and considerations for multiple scenarios.
Unraveling the anomaly in section 140B of the Income Tax Act, 1961 by CBDT – ITR-U. Delve into the complexities when an updated return impacts the refund, causing illogical consequences. Explore the need for reconsideration and amendments for a more balanced tax framework.
Section 139(8A) of the Income Tax Act and rule 12AC of Income tax rules gives the taxpayers a chance to update their returns or to file a new return in case no return was filed earlier, for a period upto two years from the end of the relevant assessment year. The purpose for introduction of form ITR-U is to optimise tax compliance by taxpayers without provoking legal action.
Article explains What is Updated Return, Who can file Updated Return, Time Limit to file Updated Return, Manner of Computation of Tax in case of Updated Return and contains Comprehensive chart related to Updated Return from AY 2020-21 to 2022-23.
Learn how the Updated Return under Income Tax Act, 1961 Section 139(8A) is helping taxpayers promote voluntary tax compliance and reduce litigation.
