CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 23 Mar 2024 09:42:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Update on Option to File ITR-U Under Section 139(8A) of IT Act https://www.nyca.in/update-on-option-to-file-itr-u-under-section-1398a-of-it-act/ https://www.nyca.in/update-on-option-to-file-itr-u-under-section-1398a-of-it-act/#comments Sat, 09 Mar 2024 05:28:40 +0000 https://www.nyca.in/?p=7377 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.

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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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]]> https://www.nyca.in/update-on-option-to-file-itr-u-under-section-1398a-of-it-act/feed/ 2 Understanding ITR-U: Definition and Updates https://www.nyca.in/understanding-itr-u-definition-and-updates/ https://www.nyca.in/understanding-itr-u-definition-and-updates/#respond Tue, 05 Mar 2024 11:34:46 +0000 https://www.nyca.in/?p=7306 ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year.

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Introduction to ITR-U:

ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year.

Latest Update on ITR-U:

As of January 1st, 2024, taxpayers cannot file belated or revised ITRs after December 31st, 2023. However, they can file an updated return using the ITR-U form, specifically designed for correcting minor errors or omissions in the original ITR.

What is ITR-U?

ITR-U enables individuals to update their ITRs by rectifying errors or omissions within two years from the end of the relevant assessment year. It provides an opportunity to enhance tax compliance without triggering legal action.

Eligibility Criteria for Filing ITR-U:

Under Section 139(8A) of the Income Tax Act, individuals who have made errors or omissions in their original, belated, or revised returns are eligible to file an updated return using ITR-U.

Ineligibility for Filing ITR-U:

Certain situations disqualify individuals from filing ITR-U, including already filing an updated return, resulting in lower tax liability, or facing search or survey proceedings by the Income Tax authorities.

Time Limit for Filing ITR-U:

The time limit for filing ITR-U is 24 months from the end of the relevant assessment year. For example, for the assessment year 2023-24, the last date to file ITR-U is March 31st, 2026.

Additional Tax Implications:

Additional tax is applicable when filing ITR-U, with rates of 25% or 50% depending on the timing of the return filing.

How to File Form ITR-U:

Filing Form ITR-U involves furnishing Part A and Part B of the form, providing general information and details of additional income, respectively. The form must be verified using either a Digital Signature Certificate or an Electronic Verification Code.

Filing ITR-U with TaxCloudIndia:

TaxCloudIndia offers a user-friendly platform for preparing and filing ITR-U. Users can follow a step-by-step guide to select or recreate the return, enable ITR-U, and fill out the necessary schedules.

Conclusion:

ITR-U serves as a valuable tool for taxpayers to rectify errors or omissions in their previous income tax returns within a specified time frame, thereby enhancing tax compliance and avoiding legal repercussions.

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