Filing of Indian Income Tax Updated Return

by Ram Dutt Sharma

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CONTENTS

FILING OF INDIAN INCOME TAX UPDATED RETURN under Section 139(8A) of Income-tax Act, 1961

CHAPTER 1

INTRODUCTION

When ITR under Section 139(8A) is considered as defective?	3

CHAPTER 2

CONCEPT OF FILING INCOME-TAX RETURN

Obligation to File Return of Income [Section 139(1)]	4
Return of loss [Section 139(3)]	4
Belated return [Section 139(4)]	6
Revision of return [Section 139(5)]	8
Text of Section 139(5)	8
Updated Return [Section 139(8A)]	12
[6].. Defective return [Section 139(9)]	12

CHAPTER 3

PROVISIONS OF UPDATED RETURN

The concept of "updated return"	16
Filing of updated return consequent to a reduction in carried forward losses, depreciation or MAT/AMT credit [Fifth proviso to Section 139(8A)]	21

CHAPTER 4

WHAT IS AN UPDATED RETURN?

Memorandum Explaining the Provisions in the Finance, mbbs to tromys Bill, 2022 [Clauses 38, 39, 41, 48, 64, 65 and 81]	24
FPromoting Voluntary Tax Compliance	24
Updated return of income [Rule 12AC]	26
Taxpayers filing ITR-U will have to give Reasons for updating the income	27

CHAPTER 5

BENEFITS OF FILING UPDATED RETURN UNDER SECTION 139(8A)	28

CHAPTER 6

DIFFERENCE BETWEEN UPDATED RETURN AND REVISED RETURN	29

CHAPTER 7

ELIGIBLE PERSON TO FILE UPDATED RETURN

Facility of updated return is available to all the taxpayers	31

CHAPTER 8

WHO IS ELIGIBLE TO FILE UPDATED RETURN?

Updated ITR under section 139(8A) in response to notice issued under section 142(1)	35
Updated ITR at the stage of inquiry under section 148A	35
The term "pending" means	35

CHAPTER 9

WHO IS NOT ELIGIBLE TO FILE AN UPDATED RETURN

First proviso to Section 139(8A)	37
Second proviso to Section 139(8A)	37
Third proviso to Section 139(8A)	38

CHAPTER 10

TIME LIMIT FOR FILING UPDATED RETURN UNDER SECTION 139(8A)

Manner of furnishing an updated return	�	40

CHAPTER 11

TAX ON UPDATED RETURN

Calculate Income-tax on Updated Return?	41
Payment of additional tax on updated return	45
Proof of payment	45

CHAPTER 12

COMPUTATION OF ADDITIONAL INCOME-TAX IN UPDATED RETURN

Section 140B(1) provides for tax on "updated return"	46
Quantum of additional tax	46
Computation of Tax Payable - Additional Tax under section 140B in Updated Return	47

CHAPTER 13

INTEREST PAYABLE

Interest payable under section 234A	50
Interest payable under section 234B	52
Interest payable under section 234C	56

CHAPTER 14

FEES FOR DEFAULT IN FURNISHING OF UPDATED RETURN

Fees for delay in filing of return [Section 234F]	57
Fees for delay in filing of return - Up to assessment year 2020-21[Section 234F]	58

CHAPTER 15

COMPUTATION OF TAX, INTEREST AND FEE ON UPDATED RETURN WHERE RETURN OF INCOME WAS FILED EARLIER	59

CHAPTER 16

COMPUTATION OF TAX, INTEREST AND FEE ON THE UPDATED RETURN WHERE NO RETURN OF INCOME WAS FILED EARLIER	62

CHAPTER 17

CBDT NOTIFIES FORM ITR-U FOR FILING OF UPDATED RETURN UNDER SECTION 139(8A

Manner of furnishing an updated return	65
Part A: General Information (ITR-U)	66
Part B: Computation of updated income and tax payable (ITR-U)	66
Tax Payments (ITR-U)	66

CHAPTER 18

STEPS TO FILE INDIAN INCOME TAX UPDATED RETURN (ITR-U) FORM

Steps to File ITR-U	72

CHAPTER 19

FREQUENTLY ASKED QUESTIONS IN RESPECT OF UPDATED RETURN	78

About the Author

Ram Dutt Sharma

Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income-tax Department in the year 1983 and retired as Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at NADT Regional Campus, Chandigarh & Bhopal. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.

He is recipient of first-ever Finance Minister's Award 2017, the Income Tax Departments highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon'ble Union Finance Minister, Shri ArunJaitley conferred this Finance Ministers Award for Excellence for his meritorious services at VigyanBhawan, New Delhi on 24.07.2017.

Awarded by Hon'ble Member (Revenue& TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter Miscellaneous Orders in Let Us Share A compilation of Best Practices & Orders Vol. VIII released on 31stOctober, 2016.

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