Updated Income Tax Return for FY 2020-21

This query is : Resolved

Pragati Sharma (Querist)
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03 May 2022 Dear experts,

Whether an updated return can be filed for FY 2020-21 where the original return was not filed for the said FY.

I have two scenarios:

Scenario 1. My total income is up to Rs. 2.5 Lacs
a. Can I file the updated return now?
b. Whether any tax or interest or additional tax or interest have to be paid if the total income is upto Rs. 2,50,000.

Scenario 2. My total income is below the 5 Lacs and will not be taxable after rebate u/s 87A.
a. Can I file the updated return now?
b. Whether any tax or interest or additional tax or interest has to be paid if the total income is up to Rs. 2,50,000.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 May 2022 Only those who filed return already, can file updated return.
In your case no taxable income no need for you to file return.

Pragati Sharma

Pragati Sharma (Querist)
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04 May 2022 Sir, if my total income is more than Rs. 2.50 Lakhs, then return filing becomes mandatory for me.

If I file my updated return with income up to Rs. 5 Lacs, do I need to pay any additional tax or interest? Although after providing for rebate u/s 87A, there won't be any tax in a typical scenario except for fees of Rs. 1000 for late filing.

Sir, please guide me ahead.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 May 2022 No need for you to file updated return.

Pragati Sharma

Pragati Sharma (Querist)
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04 May 2022 Sir, I want to file my ITR for FY 2020-21 for a visa application.

I want to how income up to Rs. 5 Lacs.

1. Do I have to pay any tax or additional tax?

2. Whether a penalty of Rs. 1000 will apply in my case?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 May 2022 File ITR for FY 2021-22 now' and enclose bank statements your Visa application will be accepted.
Only already filed ITR copy can be given.

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