TMI BlogUpdated Return & Tax on updated return - Section 139(8A) & 140BX X X X Extracts X X X X X X X X Extracts X X X X ..... he end of the relevant AY. For instance, updated return for the AY 22-23 can be submitted on or before 31 st March, 2025. III Who can submit updated return: Updated return can be submitted by any person whether or not he has furnished a return u/s 139(1)/(4)/(5) for an AY. IV Updated return cannot be submitted in following cases:- 1. If updated return is return of a loss. 2. If updated return has the effect of decreasing the total tax liability determined on the basis of return furnished u/s 139(1)/(4)/(5) or results in refund or increases the refund due on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person for the RAY, where - (a) An updated return has been furnished by him u/s 139(8A) for the RAY, or (b) Any proceeding for assessment/reassessment/recomputation/revision of income is pending or has been completed for the RAY in his case, or (c) The AO has information in respect of such person for the RAY in his possession under the Prevention of Money Laundering Act, 2002 or the Black Money (undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 or the Prohibition of Benami Property Transaction Act, 1988 or The Smugglers and Foreign Exchange Manipulators (Forfeiture of Proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x updated return cannot be submitted unless it is accompanied by proof of payment u/s 140B . Tax on updated return - Section 140B VII Mode of computation of tax including additional tax is provided u/s 140B as follows: - A. Where Assessee has not furnished return earlier Where no return of income under section 139(1)/(4) has been furnished by an assessee , he shall before furnishing updated return u/s 139(8A) is liable to pay the tax due together with interest and fee payable under any provision of the Act for i) any delay in furnishing the return or ii) any default or delay in payment of advance tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et off which has not been claimed in the earlier return. b. The aforesaid tax shall be increased by the amount of refund, if any, issued in respect of earlier return. Such updated return shall be accompanied by proof of payment of such tax, interest, fee under section 234F and additional tax under section 140B(3). [ Section 140B(2) ] VIII Computation of Additional Tax - As per section 140B(3) the additional income-tax payable at the time of furnishing the updated return calculated as follows - (i) If updated return is furnished after expiry of time available u/s 139(4)/(5) but before completion of 12 months fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if any, issued in respect of earlier return. [ Section 140B(4) ] X Other Points: The following points should be noted: - (i) If no earlier return is furnished, interest payable u/s 234A shall be on the basis of tax on total income as declared in the updated return. (ii) If earlier return is furnished, interest payable u/s 234C shall be computed after considering the total income furnished in the updated return u/s 139(8A) as the returned income. (iii) For the purpose of additional tax u/s 140B(3) , interest payable interest chargeable under any provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
