Updated return u/s 139 8a penalty
WebFeb 4, 2024 · For the purpose of filing of an updated return, section 139 (8A) is proposed to be inserted in the Income Tax Act, 1961 (‘Act’) by the Finance Bill, 2024. In view of the … WebAug 10, 2024 · Under Section 234F of the Income Tax Act, 1961 a penalty of Rs 5,000 is payable for filing a late return. However, for taxpayers, whose total income is below Rs 5 …
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 … 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 …
WebSep 2, 2024 · By. Team COL. -. September 2, 2024. The Finance Bill 2024 has inserted a new section, Section 139 (8A) in Income Tax Act. This new section provides for facilitating … 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 …
WebFeb 17, 2024 · Provision to furnish such correct updated return which is likely to reduce the potential litigation has been introduced by a new section 139 (8A) in the Union Budget … WebNov 6, 2024 · Who cannot file updated returns u/s 139(8A): It is an ... The time limit for filing updated returns is 2 years from the end of such relevant assessment year with 25%/50% penalty on tax and ...
WebMay 4, 2024 · Updated Return u/s 139 (8A) As a step towards achieving the Tax certainty, the Finance Bill 2024 has introduced the new provisions vide Section 139 (8A) of the …
WebThis new section makes it easier for taxpayers to file an "Updated Return." This provision became operative on April 1, 2024. ITR-U form is an updated return & is notified to help … sims 4 house of harlixWebApr 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 for the filing ITR U & In schedule PartB-ATI, your additional tax liability along with the fine will be calculated that arose due to filing of ITR U. rbx compression shirtsWebAs announced in Union Budget 2024, the exemption limit of ₹ 3,00,000/- for leave encashment in case of non-government salaried employees was proposed to increase to ₹ 25,00,000/-. The assessee ... sims 4 houses download 2022WebAnswer (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 … sims 4 house layout one bedroomWebFeb 4, 2024 · This facility of filing an updated return can also be viewed as an opportunity to disclose the earlier missed income and pre-empt further proceedings under the I.T. Act. Finance Bill 2024 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for filing of ‘Updated Return’ by the taxpayers. sims 4 house lots ccWebJan 16, 2024 · ITR U - Updated return u/s 139(8A): निर्धारण वर्ष 2024-2024 का Section 139(1) के अंतर्गत Origina l, Section 139(4) के अंतर्गत Belated और Section 139(5) के … sims 4 house layoutWebMar 25, 2024 · dear sir can we file income tax return showing below taxable limit means 499500 in the updated return u s 139 8a for the ass year 2024 23 ... below taxable limit paying rs 1000/- penalty. such people will receive notice ... section said.but here some people filed income tax return u/s 139(8) by paying penlaty. so i ... sims 4 house set cc