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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

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13 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166589 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..

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 03 January 2023

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

8 Like

NICSON JOHN (513 Points)
Replied 11 January 2023

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

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166589 Points)
Replied 11 January 2023

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

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 12 January 2023

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

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NICSON JOHN (513 Points)
Replied 13 January 2023

This is a firm so 2.6 lakhs profit is taxable

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166589 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..

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