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Income Tax Return (ITR)- Updated Guide | Academy Tax4wealth

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Income Tax Return (ITR)- Updated Guide | Academy Tax4wealth

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  1. UpdatedGuideonIncomeTaxReturn(ITR)

  2. Thespecificsgoverningthesubmissionofmodifiedorrevisedreturnsareoutlined underSection92CDoftheIndianIncomeTaxAct.Ithasbeendividedinto severalsub-sections. • Section92CDspecifiesrequirementsforfilingupdatedincometaxreturns, whereasSection92CCcontainsallstepsforcreatinganAPA(ITR).Everyonewho engagesinanAPAshallsubmitanamendedITRwithinthreemonthsfollowing theterminationoftheAPA.Thisamendedreturnneedstoaccountforthechange inyourtaxableincomebroughtonbysigninganAPA.BySection92CDModified Return. • AnytaxpayerwhosubmittedanITRbySection139beforethedateofsuchan agreementissubjecttothisSection.Thepurposeoftheserevisedreturnsisthe sameasoneservedbyareturnfiledunderSection139.Section92CDalso describeshowtosubmitupdatedreturnsandfinishyourAssessingOfficer's evaluations(AO). • Returnfiled underSection92CD: • Amodifiedreturnmustbefiledwithinthreemonthsoftheendofthemonthin whichSection92CDenteredintotheaforementionedarrangementforan assessmentyearforwhichanadvancepricingagreementwasentered. • ClickhereToLearnhowtofileITRonline Sub-sectionsofSection92CDoftheITAct: • TheIncomeTaxActofIndia'sSection92CDhasseveralsub-sections.The followingsuccinctsummaryofSection92CDsubsectionspertainsto: • Anyonewhowishesto employan APA isrequired bySection92CD(1)tosubmit a revisedITR withinthreemonths. • Section92CD(2):The same rules forrefundsunderSection 129 would applytoall other • 92CDprovisions.Thereareafewexceptions,though. • Section92CD(3):Thisparagraphdealswithsituationswhenanassessmentorreassessment iscompleted before the timelimitforsubmitting amendedreturnshasexpired.Ifsucha return met the standardsofa subsection, theAO wouldreassess/recomputeyourtotal income forthe relevant assessmentyear (1). • Section92CD(4)dealswithcircumstanceswhereassessmentorreassessmentproceduresfor an assessmentyearbefore an advancepricing agreementare still ongoing. Oncetheyhave

  3. receivedyouramended returnand takenintoaccount the agreementand modified ITR,theAO will wrap up theassessment/reassessmentprocesses. • Section92CD(5)mandatesthatan AO complete the sub-section(3)-required • assessment/reassessmentprocedure withina yearofthe fiscalyearinwhicha modified ITR was filed.Thissubsection shall be applicable notwithstanding the applicationofSections 144C, 153, or 153B. • Section92CD(6):Thisestablishesthe periodduring whichthe assessmentorreassessment • for a certainassessmentyearisregarded tobecompleted. Italsoclarifiesthattheterm "agreement" used in Section 92CD of the Income Tax Act is referred to in Section 92CC. The procedure iscompleteafteranassessmentorreassessmentorderhasbeengrantedorwhenever thetimeframeoutlined inSection 143(2) has passed. • AccordingtoSection119(2),returned(b) • Tohelptaxpayerswhoaretrulyinneed,theCBDTmayallowtheincome-tax authoritytoacceptalateapplicationorclaimforanydeduction,exemption, refund,orotherreliefevenaftertheperiodspecifiedundertheActfordoingso haspassed. • IncomeTaxGuide,RevisedReturn(ITR-U) underSection 139(8A) • Thenewsection139(8A)oftheIncomeTaxActof1961wasincludedinthe Budgetof2022.Thetaxpayermaysubmit an“UpdatedReturn”(alsoknownasan ITR-U)bySection139(8A).FromApril1,2022,Section139(8A)isinforce. • Taxpayerswhohavenotsubmittedareturnorwhohavefiledreturnsunder sections139(1)-Original,139(4)-Belated,and139(5)-Revisedmayfileupdated returns.Introducingthisoptionisintendedtoencouragevoluntarytax complianceanddecreaselitigation. • Also,read;TheProceduretoFileITRAfterDueDate • Individualswhomayfileanupdatedreturnundersection139(8A) • Individuals,HUFs,Firms/LLPs,Companies,AOPs,BOIs,andothersareall entitledtosubmitUpdatedreturnsunderSection139.(8A).Tofiletherevised returns,however,thetaxpayersmustfulfillthefollowingrequirements. • Ataxpayermayonlyfile anupdated returniftheirinitial returncontained mistakesor omissions or iftheyhadnotpreviouslyfiled their incometax return. • Onlyifthe personmustrevealanyextraincome thatwaspreviouslyomitted and mustpaymore taxes,can theUpdatedreturn befiled. • 2.PeoplewhocannotfileanupdatedreturnunderSection139(8A):

  4. Individuals,HUFs,Firms/LLPs,Companies,AOPs,BOIs,andothersareall entitledtosubmitUpdatedreturnsunderSection139.(8A).Butintheinstances listedbelow,therevisedreturncannotbefiled. Ifa returnofloss hasoccurred. If itresultsina larger refundora reduction inthetaxobligation. Booksofaccounts, otherdocuments, orotherassetshavebeenrequisitioned underSection 132, orasearchhasbeen commencedunder Section132.(A). A surveythat is notrequiredbySection 133A hasbeen conducted(2A). If anyassessmentshave beenmadeorare finished. If the AssessingOfficerisawareoftheAssesses'compliance withthe relevantacts. Ifanyinformationreceived underSection 90 orSection 90Awastransmitted tohimbefore the duedate for theamendedreturn. If anylegalactionshad alreadybeen taken beforethe revisedreturn wassubmitted. If thetaxpayerfallsunder the groupofpeople theboardhasbeen madeaware of. 3.DeadlineforFilingUpdatedReturns: VIII. IX. • Thedeadlineforsubmittingamendedreturnsistwoyearsaftertheconclusionof theapplicableassessmentyear. • ForAY 2020–21 (FY 2019–20): The amended returnmustbe submittedbyMarch31, 2023. • ForAY 2021–22 (FY2020–21):Theamended returnmustbe submitted byMarch31, 2024. • ForAY 2022–23(FY 2021-22):The amended return isrequired byMarch31, 2025. • 4.AdditionalTax orPenaltyOwed: • Onlythepenaltymustbeincludedwhenfilingupdatedincometaxreturns. Thefollowingarethepenaltiesforfilinganupdatedreturn:- • If the revisedreturnisfiledwithin 12monthsofthe endofthe relevantassessmentyear,there is a 25%penaltyon the total amount of taxandinterestowed. • Ifthe revisedreturnisfiled morethan12monthsafterthe end ofthe applicable assessment year,there is a penaltyof50%of thetotal tax andinterestdue. • Note:Section140Boutlineshowtax,interest,fees,andadditionalincometaxare tobepaidandcalculatedonrevisedreturns. • 5.ThefilingITRFormRequiresupdatedreturnanddetails • TheIncomeTaxDepartmenthasnotified"ITR-U"tofilearevisedreturnby Section139.(8A).TheinformationneededtocompleteanITR-Uislistedbelow. Inadditiontothegeneralinformation,theITR-Urequiresthefollowing information.

  5. Doyoumeetthe requirementsoutlinedinsection139'sfirst, second,and third provisostobe qualifiedto filean amendedreturn? (8A). • ChoosingtheITR Form(ITR1,2,3, 4) tofile arevisedreturn • A.Reasonsforupdatingyourincome • Previousreturnnot filed • Inaccurateincomereporting • Choosingtheincorrectheads of income • Adecrease in carried-forwardlosses • Reduced unabsorbeddepreciation(e) • Reducedtax credit under Section115JB/115JC • Anincorrect taxrates • Others • B.Doyousubmittheamendedreturnfortheperiod? • Amaximumof12monthsafterthe conclusionofthe applicableassessmentyear. • 12to24monthsafterthe conclusionofthepertinentevaluationyear. Formoreupdate,Visitusat:https://academy.tax4wealth.com/blog/

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