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.
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.
CAclubindia
