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Major Components of Updating ITR U/S 139(8A) from FY 2022-23

All About Updating ITR Under Section 139(8A)

The Intention Behind Introducing Section 139(8A)

To furnish much more time to the assessee it is asked to begin a new provision under section 139(8A) of the Act for furnishing the Updated income tax return of income by any individual if he has furnished a return formerly for the related assessment year or not. The recommendation for the updated return within a duration longer than that is given in the current law of the Income Tax Act.

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    Duration of ITR Filing

    Any individual might file the updated income tax returns of his income or the other individual’s income towards which the person is assessable beneath the act for AY related to the assessment year in 24 months from the finish of the assessment year with another tax. These returns would be filed in the mentioned form and manner and would have prescribed particulars.

    New Section 139(8A) is Not Applied

    The new proposed provision of Sec 139(8A) will not apply in case of the updated return,

    Crux: Updated income tax return can only be filed condition it raises tax liability.

    Who Would Not be Subjected to Furnish the Updated ITR Under Section 139(8A)

    An individual would indeed not be subjected to file the updated return u/s 139(8A) if: –

    Indeed there would be no updated return that will be filed by any individual for the related assessment year in which

    Moreover the same would be asked to rectify sec 139(9) to give that return furnished u/s 139(8A) would be treated as a bogus return till this return comes within the proof of payment of tax as needed beneath the proposed section 140B.


    Additional Tax to get Furnished with Updated ITR Under New Section 140B

    A new section 140B needs to be proposed to furnish the tax needed to get furnished for the opting to file the updated return:

    Where No Income Tax Return Filed Before:

    When the taxpayer does not furnish the ITR u/s 139(1) or (4), he would be subjected to furnish the tax which is left along with the interest and the fee subjected to pay beneath any provision of the act for the late return filing or any default or late payment of advance tax including with the payment of the additional tax.
    The tax subjected to pay would be calculated post to consideration of the below-mentioned points:

    These updated returns would indeed come with proof of payment of these taxes, additional tax, interest, and fee.

    Where Income Tax Return File u/s 139(1) or (4) or (5)

    The above tax mentioned would be more than the refund amount if there is any then it is to be given for these former returns. Additional tax payment by an individual chosen for filing of the updated returns u/s 139(8A) is indeed needed with the below-mentioned rates:

    It is indeed clear that towards the intention of the calculation of the additional income tax, the tax would consist of the surcharge and cess whatever the name mentioned for it on these taxes.

    ITR Section 139(8A) Advantages & Disadvantages

    Honourable Finance Minister had declared the Finance Budget of 2022-23 dated 01st February in the Lok Sabha in which the proposal to draw the provision of furnishing the updated income return was addressed.

    What is the Provision to Furnish the Updated Return U/S 139(8A)?

    It is suggested to insert the new provision from 01-04-2022 u/s 139(8A) that furnishes a choice to the assessee to file the updated return of his income in 2 years from the finish of the concerned AY even when the original tax return was furnished or not.

    What Conditions Would Be Apply Beneath Updated Return Would Be Furnished?

    The conditions to furnish the updated return are mentioned as:

    What are the Benefits of the Updated Return U/S 139(8A)?

    The benefits of the updated return are mentioned as:


    What are the Drawbacks of the Updated Return U/S 139(8A)?

    The drawbacks of updated return are mentioned as:

    What Does a Person Learn From This?

    The government is attempting to furnish an opportunity to the assessee to reveal their income which is omitted to be shown previously while on the other side it would generate more revenue for the government. This would optimize the compliance to the assessee in a litigation-free environment.

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