Updated Return

ITR and ITR U Filing for AY 2022-23

CA, CS, CMA - ITR filing for AY 2022-23: 1. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in non audit cases is 31st July 2022 and for filing. Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 2. The last date for income tax return (ITR) filing […]...

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Section 139(8A) & 140B – Eligibility, Applicability & Opportunity

CA, CS, CMA - Updated Income Tax Return has been introduced  by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to provide an opportunity to taxpayers to rectify the mistake of omission of income in the Return of Income filed....

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A Complete Analysis of ITR-U Return Filling and Its Parts

CA, CS, CMA - Nirmala Sitharaman announced in Budget 2022 that taxpayers may now file Updated Income Tax Returns (ITR-U). The Finance Bill 2022 introduced subsection 8A to section 139 of the Income Tax Act, which allows taxpayers to file an Updated ITR if their earlier ITR contains omissions or errors. What does the term Income Tax Updated Return [&hel...

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Details about updated Income tax return

CA, CS, CMA - Department of finance has introduced a new return on April 29, 2022. The New return is known as ITR-U. What is meant by ITR-U? When will an Assesse can file ITR-U? Details are the Following;- (1) Idea of ‘ updated return‘ has been introduced in the Finance Act 2022. As per newly introduced Section 139(8A) […]...

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Filing of Updated Income Tax Return Form ITR-U enabled

CA, CS, CMA - 1. Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. A taxpayer would be able to file only one updated return for each assessment year. 2. Income Tax Department enabled E-filing of Updated […]...

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CBDT Notifies Form and Manner for filing Updated Return

Notification No. 48/2022-Income Tax [G.S.R. 325(E)] - (29/04/2022) - CBDT Notifies vide Notification No. 48/2022-Income Tax Dated- 29.04.2022 Form and Manner for filing updated Income Tax return. Updated return can be filed from the assessment year 2020-21 onwards. Return shall be filed in form no. ITR-U along with applicable ITR form from ITR-1 to ITR-7. MINISTRY OF...

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Recent Posts in "Updated Return"

Update Income Tax Return – ITR-U – Rule 12AC of Income Tax Act

Rule 12AC of Income Tax Rules 1962:- The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years, shall be in the Form ITR-U and be verified […]...

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Posted Under: Income Tax

ITR and ITR U Filing for AY 2022-23

ITR filing for AY 2022-23: 1. The last date for income tax return (ITR) filing for FY 2021-22 or for AY 2022-23 in non audit cases is 31st July 2022 and for filing. Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 2. The last date for income tax return (ITR) filing […]...

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Posted Under: Income Tax |

Section 139(8A) & 140B – Eligibility, Applicability & Opportunity

Updated Income Tax Return has been introduced  by inserting a new sub-section (8A) to Section 139 of Income Tax Act, 1961 to provide an opportunity to taxpayers to rectify the mistake of omission of income in the Return of Income filed....

Read More
Posted Under: Income Tax |

A Complete Analysis of ITR-U Return Filling and Its Parts

Nirmala Sitharaman announced in Budget 2022 that taxpayers may now file Updated Income Tax Returns (ITR-U). The Finance Bill 2022 introduced subsection 8A to section 139 of the Income Tax Act, which allows taxpayers to file an Updated ITR if their earlier ITR contains omissions or errors. What does the term Income Tax Updated Return [&hel...

Read More
Posted Under: Income Tax |

Details about updated Income tax return

Department of finance has introduced a new return on April 29, 2022. The New return is known as ITR-U. What is meant by ITR-U? When will an Assesse can file ITR-U? Details are the Following;- (1) Idea of ‘ updated return‘ has been introduced in the Finance Act 2022. As per newly introduced Section 139(8A) […]...

Read More
Posted Under: Income Tax |

Filing of Updated Income Tax Return Form ITR-U enabled

1. Any person Eligible to File updated returns for FY 2019-20 and subsequent assessment years as per the relevant provisions of the IT Act can file the updated return via Form ITR-U. A taxpayer would be able to file only one updated return for each assessment year. 2. Income Tax Department enabled E-filing of Updated […]...

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Posted Under: Income Tax |

All about Income Tax Return Including Updated Return under section 139(8A)

In this Article, we will discuss about concept of ‘Updated Return’ Introduced by Finance Act 2022. However, we will analyze the provisions & timelines in general to file Normal return, belated or revised return before discussing the concept of UPDATED RETURN. GENERAL PROVISIONS & TIMELINE TO FILE INCOME TAX RETURN: As ...

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Posted Under: Income Tax |

Who can file updated return?- ITR-U

An updated return can be filed by a person even after the expiry of time limits specified for the filing of a belated return or revised return of income. Return can be filed irrespective of the fact whether he has earlier filed an original, belated, or revised return for the relevant assessment year or not.  Can updated return be [&h...

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Posted Under: Income Tax |

Updated return under Section 139(8A) & Tax as per Section 140B

Dimensions of updated return as per Section 139(8A) & Tax on Updated Return as per Section 140B of Income Tax Act, 1961 Introduction The Finance Act 2022 provided an opportunity to tax payers to correct omissions or errors by filing “Updated Return” within 2 years from the end of relevant assessment year along with additio...

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Posted Under: Income Tax |

All About Updated Income Tax Return – Section 139(8A)

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 [&hellip...

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Posted Under: Income Tax |

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