WebFeb 11, 2024 · Additional tax which needs to be paid is 25% of tax calculated above (i.e. 25% of tax and interest) if return is furnished within 12 months from the end of assessment year and 50% additional tax (i.e. 50% of tax and interest) if return is filed between 12 months to 24 months. It is interesting to note that section 139 (8A) doesn’t rejects or ... WebMay 11, 2024 · The updated return form for all the assessee is one and same. ITR-U is to be filed by all assessee irrespective of the fact that original return form applicable was ITR-1 …

New ITR Forms for FY 2024-23 (AY 2024-24): Everything you need …

WebStep 2: You have two options to select the type of income tax return: Help me decide which ITR Form to file: Click Proceed. Once the system helps you determine the correct ITR, you … WebOct 14, 2024 · If the belated ITR deadline is missed, then she can file the updated return." Updated returns can be filed under Section 139(8A) of the Income-tax Act using the ITR-U form. But there are certain stipulations while filing an updated return. For example, an updated return cannot be filed to show a lower income, loss or to claim income refund. town of islip youth bureau

All about Updated Income-tax return (ITR-U)

WebApr 14, 2024 · If ITR U to be filed is a nil return, (Total income below 2.50 Lacs) If ITR U is to be filed will lower the tax liability as compared to the originally filed return, If ITR U to be … WebMay 1, 2024 · The Income Tax department has notified a new form for filing updated I-T returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form will be available to taxpayers for filing updated income tax returns for 2024-20 and 2024-21 fiscals.Taxpayers filing ITR-U, which … WebMay 1, 2024 · Updated Return is Return of Income under section 139 (8A) of Income Tax Act 1961 to be filed in Form ITR-U which allow any taxpayer. -to file return of income not filed … town of islip zba hearings