Filing of Indian Income Tax Updated Return

Description

CHAPTER 1 INTRODUCTION
When ITR under Section 139(8A) is considered as defective?

CHAPTER 2 : CONCEPT OF FILING INCOME-TAX RETURN

Obligation to File Return of Income [Section 139(1)]
Return of 10ss [Section 139(3)]
Belated return [Section 139(4)]
Revision of return [Section 139(5)]
Text of Section 139(5)
Updated Return [Section 139(8A)]
[6] .. Defective return [Section 139(9)]

CHAPTER 3: PROVISIONS OF UPDATED RETURN
The concept of “Updated return”
Filing of updated return consequent to a reduction in carried
forward losses, depreciation or MAT/AMT credit
[Fifth proviso to Section 139(8A)]

CHAPTER 4: WHAT IS AN UPDATED RETURN?
Memorandum Explaining the Provisions in the Finance
Bill, 2022 [Clauses 38, 39, 41, 48, 64, 65 and 81]
Promoting Voluntary Tax Compliance
Updated return of income [Rule 12AC]
Taxpayers filing ITR-U will have to give Reasons for Updating the income

CHAPTER 5: BENEFITS OF FILING UPDATED RETURN UNDER SECTION 139(8A)

CHAPTER 6: DIFFERENCE BETWEEN UPDATED RETURN AND REVISED RETURN

CHAPTER 7: ELIGIBLE PERSON TO FILE UPDATED RETURN
Facility of updated return is available to all the taxpayers………cc……………. 31

CHAPTER 8: WHO IS ELIGIBLE TO FILE UPDATED RETURN?
Updated ITR under section 139(8A) in response to notice issued
under Section: 1A2(1)
Updated ITR at the stage of inquiry under section 148A
The term “pending” means

CHAPTER 9: WHO IS NOT ELIGIBLE TO FILE AN UPDATED RETURN
First proviso to Section 139(8A)
Second proviso to Section 139(BA)
Third proviso to Section 139(8A)

CHAPTER 10: TIME LIMIT FOR FILING UPDATED RETURN UNDER SECTION 139(8A)
Manner of furnishing an updated return

CHAPTER 11: TAX ON UPDATED RETURN
Calculate Income-tax on Updated RetUIN ?
Payment of additional tax on updated return
Proof of Payment

CHAPTER 12: COMPUTATION OF ADDITIONAL INCOME-TAX IN UPDATED RETURN
Section 140B(1) provides for tax on “updated TetUrn”;
Quantum of additional taX
Computation of Tax Payable – Additional Tax under section 140B in Updated return

CHAPTER 13: INTEREST PAYABLE
Interest payable under section 234A
Interest payable under section 234B
Interest payable under section 234C

CHAPTER 14: FEES FOR DEFAULT IN FURNISHING OF UPDATED RETURN
Fees for delay in filing of return [Section 234F]
Fees for delay in filing of return – Up to assessment year 2020-21 [Section 234]

CHAPTER 15: COMPUTATION OF TAX, INTEREST AND FEE ON UPDATED RETURN WHERE RETURN OF INCOME WAS FILED EARLIER

CHAPTER 16: COMPUTATION OF TAX, INTEREST AND FEE ON THE UPDATED RETURN WHERE NO RETURN OF INCOME WAS FILED EARLIER

CHAPTER 17: CBDT NOTIFIES FORM ITR-U FOR FILING OF UPDATED RETURN UNDER SECTION 139(8A)
Manner of furnishing an updated return
Part A : General Information (ITR-U)
Part B : Computation of updated income and tax payable (ITR-U)
Tax Payments (ITR-U)

CHAPTER 18: STEPS TO FILE INDIAN INCOME TAX UPDATED
RETURN (ITR-U) FORM
Steps t0 File ITR-U

CHAPTER 19: FREQUENTLY ASKED QUESTIONS IN RESPECT OF UPDATED RETURN

Additional information