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TMI BlogUpdated Return & Tax on updated return - Section 139(8A) & 140BX X X X Extracts X X X X X X X X Extracts X X X X ..... Who can submit updated return Updated return can be submitted by any person whether or not he has furnished a return u/s 139(1)/(4)/(5) for an AY. IV Updated return cannot be submitted in following cases:- 1. If updated return is return of a loss. 2. If updated return has the effect of decreasing the total tax liability determined on the basis of return furnished u/s 139(1)/(4)/(5) or results in refund or increases the refund due on the basis of return furnished u/s 139(1)/(4)/(5), of such person for the RAY. 3. A person shall not be eligible to furnish updated return, if- (a) Search has been initiated u/s 132 or books of account, other documents or any assets are requisitioned u/s 132A in the case of such person, or (b) A surv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... glers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 and the same has been communicated to him, prior to the date of his filing of return u/s 139(8A), or (d) Information for the RAY has been received under an agreement u/s 90 or 90A in respect of such person and the same has been communicated to him, prior to the date of furnishing of return u/s 139(8A), or (e) any prosecution proceedings under the Chapter XXII have been initiated for the RAY in respect of such person, prior to the date of furnishing of return u/s 139(8A), or (f) He is a person or belongs to a class of persons, as may be notified by CBDT. V. Other Points: The following points should be noted: - 1. If a person has sustained a loss for any PY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest, fee under section 234F and additional tax under section 140B(3). [ Section 140B(1) ] B. Where Assessee has furnished return earlier - If an assessee has furnished return under section 139(1)/(4)/(5), For submitting updated return is liable to pay tax due together with interest payable under any provision of the Act for any default or delay in payment of advance tax, along with the payment of additional tax, as reduced by the amount of interest paid in earlier return. The tax payable shall be computed after considering the following: - a. * The amount of relief or tax, referred to in sec 140A(1), credit for which has been taken in the earlier return; if any; * TDS/TCS on any income which is subject to such deduction or collectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted from the 1st day of April, 2022 Amendment by F.A. 2023 ], where, "assessed tax" means the tax on the total income as declared in the updated return after considering following: - (a) * The amount of relief or tax referred to in section 140A(1), the credit for which has been claimed in the earlier return, if any; * TDS/TCS on any income declared in updated return and which has not been claimed in earlier return; * Any relief/deduction u/s 90/90A/91 which has not been claimed in the earlier return; * And AMT/MAT credit u/s 115JAA/115JD, which has not been claimed in the earlier return. (b) The aforesaid tax shall be increased by the amount of refund, if any, issued in respect of earlier return. [ Section 140B(4) ] X Other P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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