{"id":6735,"date":"2024-03-04T19:07:47","date_gmt":"2024-03-04T19:07:47","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=6735"},"modified":"2024-06-27T19:15:37","modified_gmt":"2024-06-27T19:15:37","slug":"itr-u-u-s-1398a","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/","title":{"rendered":"All about updated Income Tax Return ITR-U U\/S 139(8A)"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6732\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr.jpg\" alt=\"updated itr\" width=\"1080\" height=\"883\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr-300x245.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr-1024x837.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr-768x628.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2023\/12\/itr-800x654.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a04bfe56e509\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a04bfe56e509\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#All_about_updated_Income_Tax_Return_ITR-U_US_1398A\" title=\"All about updated Income Tax Return ITR-U U\/S 139(8A)\">All about updated Income Tax Return ITR-U U\/S 139(8A)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#What_is_updated_Income_Tax_Return_ITR-U_how_can_submit_it\" title=\"What is updated Income Tax Return ITR-U &amp; how can submit it.\">What is updated Income Tax Return ITR-U &amp; how can submit it.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#Describe_Income_Tax_Return_ITR-U_US_139_8A\" title=\"Describe Income Tax Return ITR-U U\/S 139 (8A)\u00a0\">Describe Income Tax Return ITR-U U\/S 139 (8A)\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#Who_can_file_an_Income_Tax_Return_ITR-U_US_139_8A\" title=\"Who can file an Income Tax Return ITR-U U\/S 139 (8A)?\">Who can file an Income Tax Return ITR-U U\/S 139 (8A)?<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#To_give_an_example\" title=\"To give an example, \">To give an example, <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#How_to_calculate_tax_on_updated_income_tax_return_ITR-U\" title=\"How to calculate tax on updated income tax return ITR-U\">How to calculate tax on updated income tax return ITR-U<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#In_case_Income_tax_return_was_not_submitted_earlier\" title=\"In case Income tax return was not submitted earlier:\u00a0\">In case Income tax return was not submitted earlier:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#Is_there_an_updated_income_tax_return_ITR-U_penalty\" title=\"Is there an updated income tax return ITR-U penalty? \">Is there an updated income tax return ITR-U penalty? <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/itr-u-u-s-1398a\/#Late_fee_for_Belated_ITR%F0%9F%91%87%F0%9F%91%87%F0%9F%91%87\" title=\"Late fee for Belated ITR\ud83d\udc47\ud83d\udc47\ud83d\udc47\">Late fee for Belated ITR\ud83d\udc47\ud83d\udc47\ud83d\udc47<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"All_about_updated_Income_Tax_Return_ITR-U_US_1398A\"><\/span><span style=\"color: #000080;\"><strong>All about updated Income Tax Return ITR-U U\/S 139(8A)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_updated_Income_Tax_Return_ITR-U_how_can_submit_it\"><\/span><span style=\"color: #000080;\"><strong>What is updated Income Tax Return ITR-U &amp; how can submit it.<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) &amp; section 140B were launched in the Income Tax Act, 1961. afterward, via a notification dated April 29, 2022, Central Board of Direct Taxes inserted Rule 12AC &amp; notified form Income Tax Return ITR-U U\/S 139 (8A), to provide some effect to the previously mentioned provision.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Describe_Income_Tax_Return_ITR-U_US_139_8A\"><\/span><strong><span style=\"color: #000080;\">Describe Income Tax Return ITR-U U\/S 139 (8A)\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This was launched to allow an acceptable taxpayer to file or updated an income tax return, with particular timelines although paying some extra tax, interest &amp; penalty, in an attempt to increase voluntary compliance &amp; to ignore the penal outcome and further legal action if such kind of inclusion was later on find out by the tax authorities.<\/p>\n<p><span style=\"color: #000080;\"><strong>SITUATION WHEN UPDATED INCOME TAX RETURN ITR-U UNDER SECTION 139 (8A) NOT ELIGIBLE TO FILE<\/strong><\/span><\/p>\n<p>Updated Income Tax Return U\/s 139(8A) cannot be submitted in the following situation:<\/p>\n<ul>\n<li>In case an updated Income Tax Return reduces Tax Liability in the ITR Return submitted earlier<\/li>\n<li>If an updated ITR return is the income tax return of loss<\/li>\n<li>In case income tax survey has been conducted U\/s 133A<\/li>\n<li>If any proceeding of reassessment, assessment, re-computation or revision is pending or completed for that relevant year<\/li>\n<li>In case a search has been initiated U\/s 132<\/li>\n<li>If the AO has information against such person under Black Money (Undisclosed Foreign Income and Asset) or PMLA Act &amp; Benami Property Transactions Act or Imposition of Tax Act or Smugglers &amp; Foreign Exchange Manipulators Act &amp; same has been communicated to the assessee.<\/li>\n<li>In case Accounts books or any other documents are requisitioned U\/s 132A.<\/li>\n<li>If the information for the relevant AY has been received under an agreement referred to in section 90A or section 90 in respect of such person and the same has been communicated to him prior to the date of furnishing of Income Tax Return under this subsection.<\/li>\n<li>In case Updated Income Tax Return results in the increase of Income Tax Refund<\/li>\n<li>If Updated Income Tax Return is already submitted.<\/li>\n<li>Other CBDT Notified Persons<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6855\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U.jpg\" alt=\"ITR -U\" width=\"956\" height=\"1280\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U.jpg 956w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U-224x300.jpg 224w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U-765x1024.jpg 765w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U-768x1028.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-U-800x1071.jpg 800w\" sizes=\"(max-width: 956px) 100vw, 956px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_can_file_an_Income_Tax_Return_ITR-U_US_139_8A\"><\/span><span style=\"color: #000080;\">Who can file an Income Tax Return ITR-U U\/S 139 (8A)?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Any person who has made of filed his Income tax return (Whether on time, belated return or revised return) or has not filed his Income tax return for an assessment year has an better option to file an Income Tax Return ITR-U U\/S 139 (8A) just in 24 months from the ending of the appropriate assessment year to give it result in extra payment of tax to the government .means to say that an Income Tax Return ITR-U U\/S 139 (8A) can\u2019t be filed to claim a repayment of taxes.<\/p>\n<p>Recently, an updated return in Form of updated Tax Return can be filed for financial year 2020-21 (AY 2021-22) up to March 31, 2024 &amp; for FY 2021-22 (AY\u00a0 2022-23) up to March 31, 2025.<\/p>\n<p>If a taxpayer has any omissions, errors, or incorrect information in his prior income return, he is entitled to file an updated return under Section 139 (8A) regardless of whether he has provided an original return, revised return, or belated return.<\/p>\n<p><span style=\"color: #000080;\"><strong>SITUATION WHEN UPDATED INCOME TAX RETURN ITR-U U\/S 139 (8A) ELIGIBLE TO FILE<\/strong><\/span><\/p>\n<p>ITR -U required to be file in the situation like income tax return previously not filed; Reduction of carried forward loss; Reduction of unabsorbed depreciation; Reduction of tax credit under section 115JB\/ 115JC; Wrong rate of tax; Income not reported correctly; Wrong heads of income chosen; Others<\/p>\n<h4><span class=\"ez-toc-section\" id=\"To_give_an_example\"><\/span><strong>To give an example, <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>if a person who pay the tax has filed Income tax return for financial Year 2021-22 &amp; it has come to my attention that specified income has not been reported in the authentic \/belated return was not filed then, the updated return can be filed \u00a0by march 31, 2025.same as for financial year 2022-23, in case of that person who pay tax solitary that who is acceptable to file an updated return, like as return can be filed until March 31, 2026 just as an original return or a belated return is not filed. Updated income tax Return (ITR) can be filed in following situation:<\/p>\n<ul>\n<li>Income tax Return previously not submitted<\/li>\n<li>To Reduction of unabsorbed depreciation in the ITR.<\/li>\n<li>Reduction of carried forward loss in the original income tax Return<\/li>\n<li>When Wrong heads of income chosen in last income tax Return<\/li>\n<li>To Reduction of tax credit under section 115JB or 115JC<\/li>\n<li>Wrong rate of tax taken in income tax Return<\/li>\n<li>In case Taxpayer Income not reported correctly in last ITR<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_calculate_tax_on_updated_income_tax_return_ITR-U\"><\/span><span style=\"color: #000080;\">How to calculate tax on updated income tax return ITR-U<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"In_case_Income_tax_return_was_not_submitted_earlier\"><\/span><span style=\"color: #000080;\"><strong><em><u>In case Income tax return was not submitted earlier:<\/u><\/em>\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Where the no of Income tax return has been submitted by the taxpayer, then before submit the updated return, the taxpayer have to pay the tax due together with interest &amp; late filing fee payable, for the later in filing return &amp;\/of prepayment of tax, along with the extra tax applicable on filing of the updated income tax return ITR-U. The payment of tax is calculated after taking into account of the following points :<\/p>\n<p>&#8211; The amount\u00a0of advance tax (already paid)<br \/>\n&#8211; Any relief of tax claimed under various sections of the Income Tax Act<br \/>\n&#8211; Any-Tax deducted at source \/ Tax Collected at Source<br \/>\n&#8211; Any Alternative Minimum Tax credit\/ Minimum Alternate Tax credit<br \/>\nSuch updated income tax return shall also be accompanied by proof of payment of such tax, additional tax, interest &amp; Late filing fee u\/s 234F.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Is_there_an_updated_income_tax_return_ITR-U_penalty\"><\/span><strong><span style=\"color: #000080;\">Is there an updated income tax return ITR-U penalty?<\/span> <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>Penalties are always imposed for late filing. If the return is filed within a year of the end of the relevant assessment year, an extra 25% of the tax and interest due on the income missing to be reported will be required to be paid.<\/li>\n<li>If the return is filed within two years of the relevant assessment year and after one year, the penalty is increased to 50% of the additional tax and interest that is owed.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Late_fee_for_Belated_ITR%F0%9F%91%87%F0%9F%91%87%F0%9F%91%87\"><\/span><span style=\"color: #000080;\"><strong>Late fee for Belated ITR\ud83d\udc47\ud83d\udc47\ud83d\udc47<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7467\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.-.jpg\" alt=\"late filing penalty for filing ITR post-deadline\" width=\"1080\" height=\"899\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.-.jpg 1080w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.--300x250.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.--1024x852.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.--768x639.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/03\/ITR-penality.--800x666.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<ul>\n<li>Late Fee is \u20b91,000 if GTI above \u20b92,50,000<\/li>\n<li>No Late Fee if Gross Total Income (GTI) upto \u20b92,50,000<\/li>\n<li>Late-Fee is \u20b95,000 if TOTAL Income above \u20b95,00,000<\/li>\n<li>Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024<\/li>\n<\/ul>\n<p><strong>Popular Article :\u00a0<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/gst-income-tax-restrictions-on-cash-transactions\/\">Cash Transaction limit\u00a0<\/a><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/archives\/summary-of-provision-of-capital-gains-charts-under-the-income-tax-1961.pdf\">Provision-of-capital-gains-charts<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain\u00a0<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/learn\/deductions-under-section-80ccd-of-income-tax-act.html\">Deduction u\/s 80CCD of Income Tax Act, 1961<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain\u00a0<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/get-aware-for-penalty-of-section-234f-for-late-filing-of-itr\/\">Aware of the penalty of Section-234f for late filing of ITR<\/a><\/span><\/li>\n<li><span style=\"color: #000080;\"><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/which-is-better-old-vs-new-tax-regime-comparison-2024.pdf\">Which is Better- Old vs New Tax Regime Comparison 2024 ?<\/a><\/span><\/li>\n<\/ul>\n<p><strong>Our Services:<\/strong><\/p>\n<ul>\n<li><strong>Tax Returns: <\/strong>Individual Tax Returns,\u00a0Company Tax Returns<\/li>\n<li><strong>Consultancy: <\/strong>Comprehensive Compliance Consultancy<\/li>\n<\/ul>\n<p><strong>Contact Us: For query or help, contact:singh@caindelhiindia.com or call at \u00a09555555480<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All about updated Income Tax Return ITR-U U\/S 139(8A) What is updated Income Tax Return ITR-U &amp; how can submit it. We can say that increase voluntary compliance by that person who pay tax to government. The government announced the concept of updated income tax return (ITR) in budget 2022. This concept in, section 139(8A) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1035],"tags":[1048],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6735"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=6735"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6735\/revisions"}],"predecessor-version":[{"id":7470,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/6735\/revisions\/7470"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=6735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=6735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=6735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}