Updated Return under Section 139(8A) ITR-U | Author CA Prabhakar Gupta
Updated Return under Section 139(8A) ITR-U
The Income Tax Act
allows individuals to file an updated return of their income for the previous
year relevant to the assessment year at any time within 24 months from the end
of the relevant assessment year, regardless of whether or not they have already
filed an original, belated, or revised return under section 139(1), 139(4), or
139(5), respectively. For example, for the assessment year 2023-24, an updated
return can be filed until March 31, 2026.
However, there are a
few scenarios where the provisions of an updated return would not apply. For
instance, if an updated return results in a loss return or decreases the total
tax liability determined on the basis of the original, belated, or revised
return filed, it cannot be filed. Similarly, if the updated return results in a
refund or increases the refund due on the basis of the return already filed, it
cannot be filed either. Additionally, an income tax liability declared in an
earlier return cannot be converted into an income tax refund by filing an
updated return.
If an individual has
incurred a loss in any previous year and has furnished a return of loss on or
before the due date of filing the return of income under section 139(1), they
are allowed to furnish an updated return if such updated return is a return of
income. For example, if an individual has furnished a return of loss for the
assessment year 2022-23 on July 31, 2022, consisting of Rs. 2,00,000 as business
loss, they can furnish an updated return for the same assessment year up to
March 31, 2025, if such updated return is a return of income.
In case the loss is
being carried forward or unabsorbed depreciation carried forward or MAT/AMT tax
credit carried forward is to be reduced for any subsequent previous year as a
result of furnishing an updated return of income for a previous year, an
updated return is required to be furnished for each such subsequent previous
year.
However, there are
certain circumstances where an updated return cannot be furnished. No updated
return shall be furnished for the assessment year relevant to the previous year
in which a search is initiated or survey is conducted, or requisition is made,
and for any assessment year preceding such assessment year in the following
scenarios:
Where a search has
been initiated under section 132 or books of account or other documents or any
assets are requisitioned under section 132A
Where a survey has
been conducted under section 133A (other than survey conducted in relation to
TDS or TCS)
Where a notice has
been issued to the effect that any money, bullion, jewellery or valuable
article or thing, seized or requisitioned under section 132 or section 132A, in
case of any other person belongs to such person; or any books of account or
documents, seized or requisitioned under section 132 or section 132A in the
case of any other person, pertain or pertains to, or any other information
contained therein, relate to, such person.
No updated return shall
be furnished for the assessment year relevant to the previous year in the
following scenarios:
Where an individual
has already furnished an updated return under this sub-section for the relevant
assessment year
Where any proceeding
for assessment, reassessment, recomputation, or revision of income under this
Act is pending or has been completed for the relevant assessment year
Where the Assessing Officer has information in his possession for the relevant assessment year that suggests the individual has any undisclosed income
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वेबसाइट पर प्रकाशित सामग्री/सूचना केवल सूचनात्मक उद्देश्यों और पाठक के व्यक्तिगत गैर-व्यावसायिक उपयोग के लिए है। यह पेशेवर सलाह या फर्म की सिफारिश का गठन नहीं करता है,
न तो लेखक और न ही वेबसाइट और न ही इसके सहयोगी इस लेख में किसी भी जानकारी से उत्पन्न किसी भी प्रकार की हानि या क्षति के लिए कोई दायित्व स्वीकार करते हैं और न ही उस पर निर्भरता में की गई किसी भी कार्रवाई के लिए।