9911796707
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 ..... re 31st March, 2025. From 01.04.2025 - Updated return u/s 139(8A) can be submitted at any time within 48 months from the end of the relevant AY. [w.e.f. 01.04.2025 Amended vide Section 40 of the Finance Act, 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:- * The section 139(8A) shall not apply, if the updated return (a) If updated return is return of a loss. (b) 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 (c) results in refund or increas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in his case, or c. The AO has information in respect of such person for the relevant assessment year 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 Property) Act, 1976 and the same has been communicated to him, prior to the date of his filing of return u/s 139(8A), or d. Information for the relevant assessment year has been received under an agreement u/s 90 or 90A in respect of such person and the same has been communicated to him, prior to the date of furnishing of return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed forward under section 115JAA or under section 115JD is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, an updated return shall be furnished for each such subsequent previous year. [ Seventh Proviso ] V. Other Points: The following points should be noted: - 1. If a person has sustained a loss for any PY and he has already submitted return of loss for that year within due date u/s 139(1), he can furnish an updated return for that year u/s 139(8A) where such return is a return of income. 2. If as a result of submitting updated return under section 139(8A), the quantum of carried forward loss or unabsorbed dep or MAT/AMT credit is to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le under any provision of the Act for any default or delay in payment of advance tax, along with the payment of additional tax, as reduced by the amount of interest paid in earlier return. The tax payable shall be computed after considering the following: - * The amount of relief or tax, referred to in section 140A(1), credit for which has been taken in the earlier return; if any; * TDS/TCS on any income which is subject to such deduction or collection, and which is taken into account in computing total income and which has not been claimed in the earlier return; * Any relief of tax or deduction of tax claimed u/s 90/90A/91 which has not been claimed in earlier return * Any MAT/AMT credit claimed, to be set off which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h return is furnished after the expiry of 36 months from the end of the relevant assessment year but before completion of the period of 48 months from the end of the relevant assessment year. 70% of aggregate of tax and Interest payable (including surcharge & cess) Computed as per section 140B(1) or (2) IX How to compute interest u/s 234B where an earlier return is furnished: - Where an earlier return has been furnished, interest payable u/s 234B shall be computed on an amount equal to the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax [ Omitted from the 1st day of April, 2022 Amendment by F.A. 2023 ], where, "assessed tax" means the tax on the total income as declared in ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
