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Updated Return (ITR-U) us 139(8A) Income Tax Guide
Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax 'Updated' Return Type. Section 139(8A) enables the filing of "Updated Return" (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022.
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February 28, 2023
Taxation

  • Updated Return (ITR-U) us 139(8A) Income Tax Guide
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  • Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax 'Updated' Return Type. Section 139(8A) enables the filing of "Updated Return" (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022.
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  • Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)-Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation.

  • 1. Persons eligible for filing Updated Return u/s 139(8A)

  • All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers need to meet the following criteria to file the updated returns
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  • The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return.
  • The Updated return can be filed only if the taxpayer has to disclose any additional income which was missed earlier and should pay additional taxes.

  • 2. Persons not eligible to file Updated Return u/s 139(8A)

  • All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the updated return cannot be filed in below cases.

  • 1.        If it is Return of Loss.
  • 2.        If it has the effect of decreasing the tax liability or increasing the refund.
  • 3.        A search has been initiated u/s 132 or books of accounts or other           documents or any assets are requisitioned u/s 132(A).
  • 4.        A Survey has been conducted u/s 133A other than Section 133A(2A).
  • 5.        If any Assessment is pending or completed.
  • 6.        If Assessing Officer has information about the assessee under specified acts.
  • 7.        If any information has been received u/s 90 or 90A and same has been            communicated to him before the date of furnishing updated return.
  • 8.        If any Prosecution proceedings have been initiated before the date of furnishing updated return.
  • 9.        If the taxpayer belongs to such class of persons as notified by  board.
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  • 3. Time Limit to file Updated Returns

  • The time limit for filing updated returns is 2 years from the end of such relevant assessment year
  • a)    For AY 2020-21 (FY 2019-20): The due date for filing updated return is    31st Mar 2023.
  • b)    For AY 2021-22 (FY 2020-21): The due date for filing updated return is 31st Mar 2024.
  • c)     For AY 2022-23 (FY 2021-22): The due date for filing updated return is 31st Mar  2025.

  • 4. Penalty / Additional Tax Payable

  • Updated return can be filed only with the penalty. The penalty for filing Updated return is as follows
  • A.    Filed within 12 months from the end of relevant assessment year: Penalty is 25% of aggregate of tax and interest payable on filing of updated return
  • B.    Filed after 12 months from the end of relevant assessment year: Penalty is 50% of aggregate of tax and interest payable on filing on updated return

  • Note: Section 140B provides for payment and computation of tax, interest, fee and additional income tax on updated return

  • 5. ITR Form for filing Updated return and details required

  • “ITR-U” has been notified by the Income Tax Department for filing updated return u/s 139(8A). The following are the details required to be furnished in ITR-U. The following are the information required to be given in ITR-U apart from the general information
  • Updated Income Tax Return (aka "ITR-U") is new and IT Department haven't given any guidelines for enabling straight-thru-process (STP) with H & G EBIZ PRIVATE LIMITED  in yet. At the same time, it’s difficult for individuals to self-file their ITRs. Hence, we have enabled ITR-U with H & G EBIZ PRIVATE LIMITED Online ITR Portal to update your ITR per your requirement and use the JSON or XML file to import in to Govt Excel 'Updated ITR' and eFile.
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  • In case any difficulty, do not hesitate to reach H & G EBIZ PRIVATE LIMITED

  • 1.        Are you eligible for filing an updated return as per the conditions laid out in first,

  • second and third provisos to section 139(8A).

  • 2.        Selecting the ITR Form (ITR 1,2,3,4) for filing an updated return.
  • 3.        Reasons for updating your income.

  • A.    Return previously not filed
  • B.    Income not reported correctly
  • C.    Wrong heads of income chosen
  • D.    Reduction of carried forward loss
  • E.     Reduction of unabsorbed depreciation
  • F.     Reduction of tax credit u/s 115JB/115JC
  • G.   Wrong rate of tax
  • H.    Others

  • 4. Are you filing the updated return during the period

  • A.    Up to 12 months from the end of the relevant assessment year
  • B.    Between 12 to 24 months from the end of the relevant assessment year
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  • Are you filing the updated return to reduce carried forward loss or unabsorbed depreciation or tax credit? >>> Select Yes / No
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