Updated return u/s 139 8a penalty
WebAnswer (1 of 3): Sec 139(8)(a) of the Income Tax Act, 1961 is a penal provision of the act. Sec 139 basically is about filing return of income. Sub-section 8(a) of the section talks … WebFeb 24, 2024 · Therefore, the due date of filing return for A.Y. 2024-21 under section 139(1), in his case, is 31st July, 2024. Since Mr. Vineet had submitted his return only on …
Updated return u/s 139 8a penalty
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WebJan 19, 2024 · The provision to file updated Income Tax Returns has been introduced in the Budget for financial year 2024-23, by adding a new Section 139 (8A) in the Income Tax … WebApr 30, 2024 · An updated return under 139 (8A) may be filed within twenty-four months from the end of the relevant assessment year. Note: Income tax return 139 (1) or 139 (4) …
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 … WebIf you fail to respond to the defective notice within stipulated period then your return may be treated as invalid and therefore consequences such as penalty, interest, non carry forward …
WebApr 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 … 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 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 10, 2024 · Further, where the tax payer has made such donations in subsequent years, and is skeptical with regards to proving the genuineness of the transaction, he may consider filing updated return of income under section 139(8a) of the Act. However, such return can only be filed for A.Y. 2024-22 and A.Y. 2024-23. how does jesus bring peace in our worldWebJan 6, 2024 · Hence, if you have not filed a belated ITR, then you will be allowed to file an updated ITR from April 1, 2024. The updated ITR can be filed within 24 months from the … photo of a nickelHave you ever forgotten to report an income or made a mistake in your ITR? Section 139(8A) under the Income Tax Act allows you a chance to update your ITRwithin two years. Two years will be calculated from the end of the year in which the original return was filed. ITR-U was introduced to optimise tax … See more Any person who has made an error or omitted certain income detailsin any of the following returns can file an updated return: 1. Original return of income, or 2. Belated return, or 3. … See more ITR-U cannot be filedin the following cases: 1. Updated return is already filed 2. For filing nil return/ loss return 3. For claiming/enhancing … See more Yes, you will have to pay an additional tax of 25% or 50% on the tax amount, depending on when you file the ITR-U. See more The time limit for filing ITR-U is 24 months from the end of the relevant assessment year. ITR-U is applicable from 1st April 2024. So during the current financial year 2024-23, you can file … See more how does jesus fulfill the lawphoto of a newspaperWebMay 5, 2024 · 97. Inserted vide Finance Act, 2024 w.e.f. 01-04-2024. 1[Tax on updated return. 140B. (1) Where no return of income under sub-section (1) or sub-section (4) of … photo of a pearlWebMar 23, 2024 · As per Income Tax laws, the due date to file ITR u/s 139(1) for FY 21-22 (AY 2024-23) was 31 July 2024. Later, a belated return could be filed upto 31 December 2024 … how does jesus give light to everyoneWebFeb 17, 2024 · 9) Section 139(9) – Defective Returns. As per Section 139(9), a tax return is defective if certain documents are not attached while filed the return. In case the return is considered defective by the tax officer, then tax payer will be informed by him and will be allowed to rectify the defect within 15 days starting from the day of intimation. photo of a park