09 Mar Update on Option to File ITR-U Under Section 139(8A) of IT Act
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961. This provision allows individuals to file an updated return for any assessment year within twenty-four months from the end of the relevant assessment year, irrespective of their previous filing status. Form 61 must be used for filing the updated return.
Under section 139(8A) of the Income Tax Act 1961, any person, whether or not they have previously filed a return under subsections (1), (4), or (5), can file an updated return for an assessment year (referred to as the relevant assessment year) for their income or income of any other assessable person, within the specified timeframe.
However, certain conditions apply:
- The provision does not apply if the updated return results in a loss, decreases the total tax liability determined based on the original return, or increases the refund due.
- Individuals cannot file an updated return if certain circumstances are present, such as a search initiated under section 132, a survey conducted under section 133A, or if they have received notices related to seized assets or documents.
- No updated return can be furnished if proceedings for assessment, reassessment, or any other related process are pending or completed for the relevant assessment year.
- Further, if the person has sustained a loss in any previous year and has filed a return of loss within the prescribed time, they are allowed to file an updated return.
- Additionally, if there are any adjustments to losses carried forward or unabsorbed depreciation in subsequent previous years due to the filing of an updated return, a return must be filed for each subsequent previous year.
These provisions aim to streamline the process of filing updated returns and ensure compliance with the Income Tax Act.
For detailed information, individuals can refer to the Income Tax Portal.
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