Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

D return at loss

02 January 2023

my turnover for the fy 21-22 is 31 lakhs...i have not filed itr yet.can i file updated return at loss ..is there any issue ? pls reply thanks in advance

Reply
Follow
Share

13 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 02 January 2023

Updated return cannot be filed for loss...

Rather file condonation request u/s. 119(2b) of the act, for delay in filing return..

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 03 January 2023

Updated return can be filed only if there is tax liability.

8 Like

NICSON JOHN (514 Points)
Replied 11 January 2023

If there is a nominal frofit...can i file updated return?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 11 January 2023

Yes, even if there is Rs. 100/- tax liability...

2 Like

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 12 January 2023

Declare 2.6lacs profit and file ITR U with 1000/- late fees

7 Like

Upgrade to CAclubindia Pro. Subscribe Now!

NICSON JOHN (514 Points)
Replied 13 January 2023

This is a firm so 2.6 lakhs profit is taxable

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177840 Points)
Replied 13 January 2023

Even for firm, if there is loss, updated return cannot be filed.

While for firm having profit of any amount, if there is any tax liability after adjustment of taxes paid/ TDS, you can file return, u/s. 139(8A) of IT act..

1 Like