REGARDING UPDATED INCOME TAX RETURN


This query is : Resolved 

Quick Summary
This discussion clarifies whether an updated Income Tax Return (ITR-5) can be filed for a partnership firm experiencing a loss in the financial year 2021-22. The general rule is that updated returns are only permissible for taxable income where taxes have been paid. For situations involving losses, alternative options like condonation under section 119(2)(b) might be explored. If a return is filed showing zero income instead of a loss, it's acceptable, but the loss cannot be carried forward or set off against future profits.

30 May 2023 WHEHER ITR 5 ( PARTNERSHIP FIRM) HAVING LOSS CAN BE FILLED OF F.Y.2021-22 UNDER UPDATED RETURN SCHEME?

30 May 2023 No, only in case of taxable income with payment of taxes it can be filed.
Try condonation under section 119(2)(b).

31 May 2023 WHAT IF WE DO NOT SHOW LOSS AND RETURN FILLED WITH 0 INCOME ?

31 May 2023 No problem, only loss can't be carried forward and set off.


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