Description CHAPTER 1 INTRODUCTION When ITR under Section 139(8A) is considered as defective? CHAPTER 2 : CONCEPT OF FILING INCOME-TAX RETURN Obligation to File Return of Income [Section 139(1)] Return of 10ss [Section 139(3)] Belated return [Section 139(4)] Revision of return [Section 139(5)] Text of Section 139(5) Updated Return [Section 139(8A)] [6] .. Defective return [Section 139(9)] CHAPTER 3: PROVISIONS OF UPDATED RETURN The concept of “Updated return” Filing of updated return consequent to a reduction in carried forward losses, depreciation or MAT/AMT credit [Fifth proviso to Section 139(8A)] CHAPTER 4: WHAT IS AN UPDATED RETURN? Memorandum Explaining the Provisions in the Finance Bill, 2022 [Clauses 38, 39, 41, 48, 64, 65 and 81] Promoting Voluntary Tax Compliance Updated return of income [Rule 12AC] Taxpayers filing ITR-U will have to give Reasons for Updating the income CHAPTER 5: BENEFITS OF FILING UPDATED RETURN UNDER SECTION 139(8A) CHAPTER 6: DIFFERENCE BETWEEN UPDATED RETURN AND REVISED RETURN CHAPTER 7: ELIGIBLE PERSON TO FILE UPDATED RETURN Facility of updated return is available to all the taxpayers………cc……………. 31 CHAPTER 8: WHO IS ELIGIBLE TO FILE UPDATED RETURN? Updated ITR under section 139(8A) in response to notice issued under Section: 1A2(1) Updated ITR at the stage of inquiry under section 148A The term “pending” means CHAPTER 9: WHO IS NOT ELIGIBLE TO FILE AN UPDATED RETURN First proviso to Section 139(8A) Second proviso to Section 139(BA) Third proviso to Section 139(8A) CHAPTER 10: TIME LIMIT FOR FILING UPDATED RETURN UNDER SECTION 139(8A) Manner of furnishing an updated return CHAPTER 11: TAX ON UPDATED RETURN Calculate Income-tax on Updated RetUIN ? Payment of additional tax on updated return Proof of Payment CHAPTER 12: COMPUTATION OF ADDITIONAL INCOME-TAX IN UPDATED RETURN Section 140B(1) provides for tax on “updated TetUrn”; Quantum of additional taX Computation of Tax Payable – Additional Tax under section 140B in Updated return CHAPTER 13: INTEREST PAYABLE Interest payable under section 234A Interest payable under section 234B Interest payable under section 234C CHAPTER 14: FEES FOR DEFAULT IN FURNISHING OF UPDATED RETURN Fees for delay in filing of return [Section 234F] Fees for delay in filing of return – Up to assessment year 2020-21 [Section 234] CHAPTER 15: COMPUTATION OF TAX, INTEREST AND FEE ON UPDATED RETURN WHERE RETURN OF INCOME WAS FILED EARLIER CHAPTER 16: COMPUTATION OF TAX, INTEREST AND FEE ON THE UPDATED RETURN WHERE NO RETURN OF INCOME WAS FILED EARLIER CHAPTER 17: CBDT NOTIFIES FORM ITR-U FOR FILING OF UPDATED RETURN UNDER SECTION 139(8A) Manner of furnishing an updated return Part A : General Information (ITR-U) Part B : Computation of updated income and tax payable (ITR-U) Tax Payments (ITR-U) CHAPTER 18: STEPS TO FILE INDIAN INCOME TAX UPDATED RETURN (ITR-U) FORM Steps t0 File ITR-U CHAPTER 19: FREQUENTLY ASKED QUESTIONS IN RESPECT OF UPDATED RETURN
