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


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Date added: 10 January 2023
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Title: Income Tax Return (ITR)- Updated Guide | Academy Tax4wealth

Updated Guide on Income Tax Return (ITR)
  • 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
  • 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,
  • 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

  • received your amended return and taken into
    account the agreement and modified ITR, the AO
    will wrap up the assessment/reassessment
  • 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
  • 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
  • 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 .

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
  • 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

  • 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.

  • 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
  • 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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