Filing of Updated/ Income Tax Return for the Financial Years 2021-22 and 2022-23
Filing of Updated/ Income Tax Return
for the Financial Years 2021-22 and 2022-23
Background:
The Finance
Minister, Mrs Nirmala Sitharaman, in her Budget Speech of 2022 has mentioned:
“India is
growing at an accelerated pace and people are undertaking multiple financial
transactions. The Income Tax Department has established a robust framework of
reporting of taxpayers' transactions. In this context, some taxpayers may
realize that they have committed omissions or mistakes in correctly estimating
their income for tax payment. To provide an opportunity to correct such errors,
I am proposing a new provision permitting taxpayers to file an Updated Return
on payment of additional tax. This updated return can be filed within two
years from the end of the relevant assessment year.
In
this context, it is also equally important to note that some of the Assessees
have not filed or failed to or forgot to file Return of Income within Due Date
U/s 139(1) or extended Due Date i.e.,
December 31 U/s 139(4) of the Act for reasons or circumstances beyond their control
For
the above persons, this newly introduced Section { Section 139(8A) effective
from April1, 2022} benefit them in updating/correcting their Tax Returns
Eligible Persons:
1. Any person (including Non Residents)
who has not filed Return of Income for the Financial Years 2021-22 and 2022-23
(Assessment Years 2022-23 and 2023-24)
2. Any person (including Non Residents)
who has already filed but wish to
correct/update Return of Income for the
Financial Years 2021-22 and 2022-23 (Assessment Years 2022-23 and 2023-24)
Reasons for filing the Updated Return:
1. Not filing
the Return previously
2. Income not
reported correctly
3. Wrong Heads
of Income chosen
4. Reduction
of Carried Forward Loss
5. Reductio of
Unabsorbed Loss
6. Reduction
of Tax Credit
7. Wrong Rate of Tax.
Important features to keep in mind while filing Updated Return:
1. The
Assesseee has to pay Tax, Additional Fee/Penalty and Interest (234A Delay,
234B-Failure to pay advance tax and 234C - Deferment of advance tax) till the
date of filing along with Additional Tax
of 25% on Aggregate Tax and Interest, if filing is done before completion of 12
months and additional tax of 50% on Aggregate Tax and Interest, if filing is done after
expiry of 12 months but before 24 months.
2. Return
cannot be filed for claiming Refund/No Refund will be paid
3. Persons on
whom Search, Seizure, Survey proceedings have been initiated or Notices were served, they are not eligible to
file the Updated Return.
Comments
cabinet comptable de copropriété
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