Income Tax : Understand Section 139 of the Income Tax Act, its implications on return filing due dates, and the changes for FY 2023-24. Learn a...
Income Tax : Section 139(8A) of the Income Tax Act allows filing an updated return within 24 months from the end of the relevant assessment yea...
Income Tax : Learn about Section 139(8A) effective from April 1, 2022, its impact on tax filing, rules, and when to file updated returns. Get i...
Income Tax : Learn how to file an Updated Return (ITR-U) for previous 3 years' taxes. Find out who can file, the procedure, time limits, penalt...
Income Tax : Discover the benefits of ESI registration in Gurgaon for businesses, offering health security for employees, legal compliance, and...
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 : CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Upd...
Updated Return in the Income Tax Act, a new concept added by the Finance Bill, 2022 The current provision of the income tax act requires the assessee to file its voluntary income tax return latest by 31st Dec of the relevant assessment year (including the timeline for belated and revised return). In view to enhancing […]
A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e., sub-section (8A) of section 139 of the Act. These amendments will take effect from 1st April 2022. In case of an assessee who has not furnished return of […]
Section 139(8A) states that whether any person (Trust, AOP/BOI, Company etc.) furnished return of Income or not for relevant assessment year, person may furnish an updated return of Income within period of 24 months from end of relevant assessment year.
Virtual digital assets (VDA) refers to any digital representation of value that can be digitally traded, transferred, or used for payment whether generated through code, cryptographic means. Virtual assets are not only limited to Cryptocurrencies but also include NFT’s and ETF’s etc.
New updated return introduced in Budget 2022-Let us discuss it in simplified manner- 1. Any person , Whether or not he has not furnished an original return, belated return or revised return, may furnish an updated return of his income till 24 months from the end of the assessment year. but when he cannot […]
Article explains Provisions of Section 139(8A) of Income Tax Act, 1961 related to Updated Income Tax Return Applicability of sub-section 8(A) of Section 139, When sub-section 8(A) of Section 139 shall not apply, Time limit for Filing of Updated Income Tax Return and Payment of Additional Tax under section 140B related to Updated Return. 1. […]
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