Updated Return u/s 139 (8A)

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Krishna Chandra Rai (Querist)
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21 October 2022 As per income tax act any updated return will attract a penalty of Rs. 5000 if it for 1 year back and Rs. 10,000, in case it is 2 years back. That is the thing which is also mentioned in ITR U excel based utility too.

But one I have heard in some case, persons are filing the return of past years and paying only Rs. 1000 as penalty for belated return too. One of the case I also checked and the same thing I have also seen.

How it can happen if it is a mistake of excel utility or income tax site issue. I have also tried the same and found that excel based utility attracting Rs. 5000 Penalty in case of 1 year old return say AY 2021-22.
Can anyone let me know how it is happening?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 October 2022 Belated return can be filed only for current assessment year till December 2022. While under sec. 139(8), you can file return of preceding 2 years with interest as penalty.
You cannot file earlier years returns under sec. 139(4) of IT act.

Krishna Chandra Rai

Krishna Chandra Rai (Querist)
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21 October 2022 My query is about the updated return for previous years which is given in section 139(8A) say for example for AY 2021-22 or for AY 2020-21

For your reference given the below link.

https://taxguru.in/income-tax/updated-return-section-139-8a.html

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 October 2022 yes, I have tried to explain the difference between two section
Rs. 1000/- penalty is unser sec. 139(4) of IT act, while u/s. 140B of IT act, penalty is 25% of additional tax liabilty if return filed within 12 months, and 50% penalty if filed after 12 months but before 24 months.
Refer: https://eztax.in/updated-income-tax-return-guide

Krishna Chandra Rai

Krishna Chandra Rai (Querist)
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21 October 2022 Is there any Fee also applicable u/s 234F for filing the return of previous periods like for 12 months Rs. 5000 and Rs. 10000 for 24 months or more as the same is generating in excel based utility apart from Tax and interest

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 October 2022 No such fees under sec. 139(8A) r.w.s. 140B of IT act. Only penalty as stated above.

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