CAN WE ANY ONE CAN FILE FORM UPDATED ITR U FOR THE ASS.YEAR 2021-22. WHO IS ELIGIBLE FOR FILING ITR -U. ONE WHO CAN FILE IF PREVIOUS YEAR NOT FILED ANY INCOME TAX RETURNS BELOW TAXABLE LIMIT.
07 August 2022
For income below exemption limit, updated ITR u/s. 139(8A) cannot be filed. You can file it u/s. 119(2)(b) of the act, after getting permission from Jurisdictional JCIT.
SOME ONE CONFUSED MY CLIENT CAN FILE BELOW EXEMPTION LIMIT. THEN ONLY CAN FILE ADDITIONAL TAX PAYMENT OR OMMISSION OF TAXES AND CORRECT RETURN LIKE I TOLD THEM BUT THEY DID NOT READY ACCEPT MY SUGGESTION. THEN LET THEM GO WHAT THEY WANT HOW THEY WANT TO GO. THEY WANT TO FILE PREVIOUS YEARS INCOME TAX RETURN MEANS ASS.YEAR 2021-2022 AND 2020-21. SO I TOLD THEM NOT POSSIBLE.
07 August 2022
The Act does not allow the taxpayer to file the updated return if there is no additional tax outgo. Hence, if the total tax liability is to be reduced, losses to be adjusted against the income, there is a refund or increase in the refund amount, the taxpayers cannot file updated return. Secondly, it can be filed only once. i.e. it cannot be revised.
07 August 2022
Its age of competition, and more to it, people get easily misguided, may be due to greed or over-trust etc. But it will not last long. Have faith and do the right... Good Luck...
CAclubindia
