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| Name | Updated Return of income || ITR U || Section 139(8) || Explained |
| Video Uploader | Video From CA Ashish Varwani |
| Upload Date | This Video Uploaded At 09-06-2023 14:06:27 |
| Video Discription | Updated Return of income || ITR U || Section 139(8) || Explained Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. 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. 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. All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers needs to meet the following criteria to file the updated returns 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. |
| Category | Education |
| Tags | Updated Return of income | updated return | 139(8) | updated return tax payment | updated return filing | ITR u | itr u updated return |
