Tax return u/s 139 8a
WebApr 8, 2024 · Interest Payable under this Act while furnishing Return U/s-139 (8A) Less Interest Paid in Earlier Return. - As determined u/s-140B (1) & 140B (2) • Situation-2: Return u/s-139 (8A) furnished. o After expiry of 12 months from the end of relevant A.Y. o Before completion of 24 months from the end of relevant A.Y. WebApr 30, 2024 · 1. Provisions of Section 139 (8A) i.e. updated return ( ITR-U) will be applicable from AY 2024-2024. 2. ITR-U will be used for filing updated return. 3. Updated return is to be filed within twenty-four months from the end of the relevant assessment year. 4.
Tax return u/s 139 8a
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WebFeb 25, 2024 · 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 2024. Updated Returns … WebApr 14, 2024 · In ITR U, there are two additional schedules, namely schedule “139(8A)” & “PartB-ATI”. In schedule 139(8A), you have to give details of your original filing and reason for the filing ITR U & In schedule PartB-ATI, your additional tax liability along with the fine will be calculated that arose due to filing of ITR U.
WebFeb 2, 2024 · The new proposed provision of Sec 139 (8A) shall not apply, if the updated return, is a return of a loss or. has the effect of decreasing the total tax liability … WebMar 21, 2024 · He filed the updated return under section 139 (8A). The income reported in updated return is NIL under correct heads of income. He also paid the additional tax payable of Rs 540 calculated as {(50% of (Tax + interest on refund)} + interest on refund i.e. {50% of (0+360)} + 360 under section 140B.
WebApr 14, 2024 · In ITR U, there are two additional schedules, namely schedule “139(8A)” & “PartB-ATI”. In schedule 139(8A), you have to give details of your original filing and reason … WebApr 30, 2024 · ‗12AC. Updated return of income.-(1) The return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2024 and subsequent assessment years, shall be in the Form ITR-U and be verified in the manner indicated therein.
WebJul 22, 2024 · Updated return notified by CBDT via new rule no 12AC on 29th Apr, 2024 , wherein it is allowing filing of return U/S 139(8A) for the assessment year 2024-21 and subsequent years. The applicable form will be ITR-U shall be used to furnish the ITR. The form is currently available in excel based utility is respective F.Y. 2024-20 & F.Y. 2024-21 …
WebFeb 2, 2024 · The finance minister introduced Section 139 (8A) of the Income Tax Act in the Finance Bill 2024. Further, CBDT issued a notification on 29th April 2024 to notify the form … body biotics internationalWebMay 2, 2024 · CBDT notifies Form ITR-U for filing of updated return. The Finance Act, 2024 has introduced a new concept of updated return, wherein it allows up to 24 months to file the return of income. A new sub-section (8A) has been inserted under section 139 to allow a person to file an updated return of income except in case of search & seizure and other ... body birth and babyWebMay 5, 2024 · Updated Return u/s 139 (8A) As a step towards achieving the Tax certainty, the Finance Bill 2024 has introduced the new provisions vide Section 139 (8A) of the … cloning pvuWebDec 30, 2024 · For the AY 2024-23 (i.e., FY 2024-22), the updated return could be filed up to 31st March, 2025. Also, the updated return can be furnished only once for an assessment … body bits brightonWebApr 30, 2024 · As per Rule 12AC, the updated return of income can be furnished from Assessment Year (AY) 2024-21 and onwards. The provisions of section 139 (8A) related to the filing of an updated return of income have come into effect from 01.04.2024. Hence, in the financial year 2024-23, updated returns for AY 2024-21 and AY 2024-22 can be … bodybiulding for all sportesWebDec 8, 2024 · Step 3: After creating a revised file, the client can update income details and select the return filed u/s 139(8A) form dropdown. Then click on ‘Form U’. Step 4: After selecting the 139(8A) option click on the ‘E-File’ button. Step 5: After clicking ‘Form-U’ select ITR type, IT form and reason from Part A Gen 139 (8A). cloning puppiesWeb92CD -Modified return, 119(2)(b) After condonation of delay. Or Filed in response to notice u/s 139(9), 142(1), 148, 153A 153C (a2) Are you opting for new tax regime u/s 115BAC ? Yes No (b) Are you filing return of income under Seventh proviso to section 139(1) but otherwise not required to furnish return of income? body bi rain