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

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Updated Guide on Income Tax Return (ITR)
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• The specifics governing the submission of
  modified or revised returns are outlined under
  Section 92CD of the Indian Income Tax Act. It has
  been divided into several sub-sections.
• Section 92CD specifies requirements for filing
  updated income tax returns , whereas Section
  92CC contains all steps for creating an APA
  (ITR). Everyone who engages in an APA shall
  submit an amended ITR within three months
  following the termination of the APA. This
  amended return needs to account for the change
  in your taxable income brought on by signing an
  APA. By Section 92CD Modified Return.
• Any taxpayer who submitted an ITR by Section 139
  before the date of such an agreement is subject
  to this Section. The purpose of these revised
  returns is the same as one served by a return
  filed under Section 139. Section 92CD also
  describes how to submit updated returns and
  finish your Assessing Officer's evaluations
  (AO).
• Return filed under Section 92CD
• A modified return must be filed within three
  months of the end of the month in which Section
  92CD entered into the aforementioned arrangement
  for an assessment year for which an advance
  pricing agreement was entered .
• Click here To Learn how to file ITR online
  Sub-sections of Section 92CD of the IT Act
• The Income Tax Act of India's Section 92CD has
  several sub-sections. The following succinct
  summary of Section 92CD subsections pertains to
• Anyone who wishes to employ an APA is required by
  Section 92CD (1) to submit a revised ITR within
  three months.
• Section 92CD (2) The same rules for refunds
  under Section 129 would apply to all other
• 92CD provisions. There are a few exceptions,
  though.
• Section 92CD (3) This paragraph deals with
  situations when an assessment or reassessment is
  completed before the time limit for submitting
  amended returns has expired. If such a return
  met the standards of a subsection, the AO would
  reassess/recompute your total income for the
  relevant assessment year (1).
• Section 92CD (4) deals with circumstances where
  assessment or reassessment procedures for an
  assessment year before an advance pricing
  agreement are still ongoing. Once they have

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• received your amended return and taken into
  account the agreement and modified ITR, the AO
  will wrap up the assessment/reassessment
  processes.
• Section 92CD (5) mandates that an AO complete the
  sub-section (3)-required
• assessment/reassessment procedure within a year
  of the fiscal year in which a modified ITR was
  filed. This subsection shall be applicable
  notwithstanding the application of Sections 144C,
  153, or 153B.
• Section 92CD (6) This establishes the period
  during which the assessment or reassessment
• for a certain assessment year is regarded to be
  completed. It also clarifies that the term
  "agreement" used in Section 92CD of the Income
  Tax Act is referred to in Section 92CC. The
  procedure is complete after an assessment or
  reassessment order has been granted or whenever
  the time frame outlined in Section 143(2) has
  passed.
• According to Section 119(2), returned (b)
• To help taxpayers who are truly in need, the CBDT
  may allow the income-tax authority to accept a
  late application or claim for any deduction,
  exemption, refund, or other relief even after
  the period specified under the Act for doing so
  has passed.
• Income Tax Guide, Revised Return (ITR-U) under
  Section 139(8A)
• The new section 139(8A) of the Income Tax Act of
  1961 was included in the Budget of 2022. The
  taxpayer may submit an Updated Return (also
  known as an ITR-U) by Section 139(8A). From
  April 1, 2022, Section 139(8A) is in force.
• Taxpayers who have not submitted a return or who
  have filed returns under sections 139(1)-
  Original, 139(4)-Belated, and 139(5)-Revised may
  file updated returns. Introducing this option is
  intended to encourage voluntary tax compliance
  and decrease litigation.
• Also, read The Procedure to File ITR After Due
  Date
• Individuals who may file an updated return under
  section 139 (8A)
• Individuals, HUFs, Firms/LLPs, Companies, AOPs,
  BOIs, and others are all entitled to submit
  Updated returns under Section 139. (8A). To file
  the revised returns, however, the taxpayers must
  fulfill the following requirements .

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Individuals, HUFs, Firms/LLPs, Companies, AOPs,
BOIs, and others are all entitled to submit
Updated returns under Section 139. (8A). But in
the instances listed below, the revised return
cannot be filed.

• If a return of loss has occurred.
• If it results in a larger refund or a reduction
  in the tax obligation.
• Books of accounts, other documents, or other
  assets have been requisitioned under Section 132,
  or a search has been commenced under Section
  132. (A).
• A survey that is not required by Section 133A has
  been conducted (2A).
• If any assessments have been made or are
  finished.
• If the Assessing Officer is aware of the
  Assesses' compliance with the relevant acts.
• If any information received under Section 90 or
  Section 90A was transmitted to him before the
  due date for the amended return.
• If any legal actions had already been taken
  before the revised return was submitted.
• If the taxpayer falls under the group of people
  the board has been made aware of.
• 3. Deadline for Filing Updated Returns

VIII. IX.

• The deadline for submitting amended returns is
  two years after the conclusion of the applicable
  assessment year.
• For AY 202021 (FY 201920) The amended return
  must be submitted by March 31, 2023.
• For AY 202122 (FY 202021) The amended return
  must be submitted by March 31, 2024.
• For AY 202223 (FY 2021-22) The amended return
  is required by March 31, 2025.
• 4. Additional Tax or Penalty Owed
• Only the penalty must be included when filing
  updated income tax returns . The following are
  the penalties for filing an updated return -
• If the revised return is filed within 12 months
  of the end of the relevant assessment year, there
  is a 25 penalty on the total amount of tax and
  interest owed.
• If the revised return is filed more than 12
  months after the end of the applicable assessment
  year, there is a penalty of 50 of the total tax
  and interest due.
• Note Section 140B outlines how tax, interest,
  fees, and additional income tax are to be paid
  and calculated on revised returns.
• 5. The filing ITR Form Requires updated return
  and details
• The Income Tax Department has notified "ITR-U" to
  file a revised return by Section 139. (8A). The
  information needed to complete an ITR-U is listed
  below. In addition to the general information,
  the ITR-U requires the following information.

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• Do you meet the requirements outlined in section
  139's first, second, and third provisos to be
  qualified to file an amended return? (8A).
• Choosing the ITR Form (ITR 1, 2, 3, 4) to file a
  revised return
• A.Reasons for updating your income
• Previous return not filed
• Inaccurate income reporting
• Choosing the incorrect heads of income
• A decrease in carried-forward losses
• Reduced unabsorbed depreciation (e)
• Reduced tax credit under Section 115JB/115JC
• An incorrect tax rates
• Others
• B. Do you submit the amended return for the
  period?
• A maximum of 12 months after the conclusion of
  the applicable assessment year.
• 12 to 24 months after the conclusion of the
  pertinent evaluation year.

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