Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
Open DEMAT Account with in 24 Hrs and start investing now!
Top Headlines »
Open DEMAT Account in 24 hrs
 Notification No. 90 /2022 CENTRAL BOARD OF DIRECT TAXES
 Notification No. 93/2022 CENTRAL BOARD OF DIRECT TAXES
 Check these 4 tax-saving investment tools Tax saving for senior citizens
 Notification No. 89/2022 CENTRAL BOARD OF DIRECT TAXES
 5 income tax rules you should know ITR refund
 What are short- and long-term capital gains taxes?
 Income-tax (Twenty Third Amendment) Rules, 2022
 ITR Filing AY 2022-23 Latest News: Missed deadline? You can still file but there s a catch
 E verify ITR within 30 days or else Income Tax Department new rule in 10 points
 Procedure of PAN application & allotment through Simplified Proforma for incorporating Limited Liability Partnerships (LLPs) electronically Form FiLLiP of Ministry of Corporate Affairs.
 Missed ITR 2021-22 deadline? Here's what to do next Income tax return

E-filing of updated tax return enabled for ITR 2, 3 for assessment years 2020-21, 2021-22
July, 12th 2022
The Income Tax Department has enabled the filing of updated ITR (ITR-U) for ITR 2 & 3 for AY 2020-21 and AY 2021-22 on the income tax e-filing portal, a move that will ensure ease of compliance for taxpayers.
“E-filing of Updated ITR u/s 139(8A) has also been enabled for ITR 2 & 3 for AY 2020-21 and AY 2021-22 using Excel utility. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. Once Updated ITR is prepared, you can upload the XML/JSON by logging into Income-tax website,” according to the income-tax portal.
Within two years of submitting tax returns, taxpayers can make changes as long as their taxes have been paid. The facility of an updated income tax return was initially brought up by the government in the Union Budget 2022. Earlier, ITR 1 & 4 were made available from June 27, 2022.
As per the Memorandum to the Budget 2022, “It is proposed to introduce a new provision in section 139 of the Act for filing an updated return of income by any person, whether he has filed a return previously for the relevant assessment year, or not. The proposal for updated return over a period longer than that is provided in the existing provisions of Income-tax Act would on the one hand bring use of huge data with the IT Department to a logical conclusion resulting in additional revenue realization and on the other hand, it will facilitate ease of compliance to the taxpayer in a litigation free environment."
According to a new provision proposed by Finance Minister Nirmala Sitharaman during Budget 2022, taxpayers would be able to file "updated" returns to correct omissions and mistakes in their initial tax returns within two years after the end of the relevant assessment year.
Updated return, however, cannot be filed in certain cases as per Finance Bill, 2022
Home | About Us | Terms and Conditions | Contact Us
Copyright 2022 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting