ITR-U UPDATED RETURN

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This query is : Resolved

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The discussion clarifies that an Updated Return (ITR-U) can only be filed if there is an actual tax liability. If an individual has no tax liability and only owes late fees, they are not eligible to file an ITR-U. The penalty for late filing of an updated return is a percentage of the tax payable, not a fixed fee.

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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10 January 2023 Can ITR-U be filed for Income Less than Rs.5,00,000. But late Fee Payable Rs.1000?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 January 2023 Updated return can only be filed if there is any tax liability... the penalty will be 25/50% of the tax payable, depending upon 12/24 months of filing late respectivly...

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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11 January 2023 So, I can not file return. is it right Sir?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 January 2023 No, I mean check for any tax liability..... & decide..

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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11 January 2023 I dont have any Tax Liability. Only Late Fees Sir.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 January 2023 Correct, in that case you are not eligible to file updated return.