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All about ITR U – Updated income tax return

"ITR-Uu200a-u200aUpdated income tax returnu200a-u200aSection 139(8A) of the Income Tax Act. 1. What is the period during which ITR-U can be filed? For FY 2019u201320 a"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/income-tax/itr-u-updated-income-tax-return.html

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All about ITR U – Updated income tax return

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  1. All about ITR U – Updated income taxreturn taxguru.in/income-tax/itr-u-updated-income-tax-return.html ITR-U – Updated income tax return – Section 139(8A) of the Income TaxAct. What is the period during which ITR-U can befiled? For FY 2019-20 and FY2020-21 How many times can a taxpayer update the income tax return in anassessment year? Only once in an assessmentyear What details are required to be mentioned inITR-U? Amount of additional income under the prescribed incomeheads, + Exact reason for filing the updated return inITR-U Additional tax payment when filing their updated taxreturn? Additional payment of Tax 25 % on the due tax and interest if the updated ITRis filed within 12months Additional payment of Tax 50 % if it is filed after 12 months but before 24months from the end of relevant AssessmentYear. Taxpayers filing ITR-U will have to give reasons for updating theincome: Return previously not filed. Income not reportedcorrectly.

  2. Wrong heads of income chosen. Reduction of carried forwardloss. Reduction of unabsorbeddepreciation Reduction of tax credit u/s115JB/115JC. Wrong rate oftax. Others 5. Who cannot file the updatedreturn? If search or survey or prosecution proceedings are initiated against thetaxpayers for the relevant assessmentyear. The updated return is a return of theloss. The updated return is reducing the income tax liability from the return filedearlier The updated return result i ncreases the refund The AO has information against such person under the Prevention of Money Laundering Act or Black Money (Undisclosed Foreign Income and Assets) andTax Act or Benami Property Transactions Act or Smugglers and ForeignExchange Manipulation Act and the same have been reported to theassessee. Other NotifiedPerson. Tags: Section 139(8A), UpdatedReturn Kindly Refer to Privacy Policy & Complete Terms of Use andDisclaimer. AuthorBio Name: CA Komal Tyagi Qualification: CA inPractice Company: GSPT & Associates Location: DELHI, Delhi, India Member Since: 28 Aug 2020 | Total Posts:2 Mr. Komal Tyagi is Co-Founder partner of the GSPT & Associates LLP. He has qualified Chartered Accountancy (2018) with multiple distinction at Final Level. He is a graduate from Delhi University in 2013 & completed his master in Finance & Taxation. He has experience in the field of Dir View FullProfile

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