Applicability of Updated Return

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Practicing Chartered Accountant
48 Points Joined January 2013

An Assessee is having Gross Total Income Of Rs. 4.9 Lakhs And Tax Payable Rs. 0.00 And Penalty U/S 234F For Ay 24-25 Rs. 1000.Whether He Can File Updated Return?

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On 24 March 2025 at 12:48 Report
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Master in Accounts & high court Advocate
9456 Points Joined December 2011

A question about filing an updated return! Updated Return Eligibility: - *Gross Total Income*: The assessee's gross total income is ₹4.9 lakhs, which is below the threshold limit for filing an updated return. - *Tax Payable*: The tax payable is ₹0, indicating that the assessee has no tax liability. - *Penalty u/s 234F*: The assessee has been levied a penalty of ₹1,000 under Section 234F for AY 2024-25. Updated Return Filing: - *Eligibility*: Despite having no tax liability, the assessee can file an updated return to rectify any errors or omissions in the original return. - *Penalty*: However, the penalty under Section 234F cannot be waived or reduced by filing an updated return. Key Considerations: - *Updated Return Form*: The assessee will need to file the updated return using Form ITR-U. - *Additional Tax Payment*: Although the assessee has no tax liability, they may need to pay additional tax or interest, if applicable. - *Rectification of Errors*: The updated return should rectify any errors or omissions in the original return. Recommendation: 1. *Consult a Tax Professional*: Engage a tax professional or chartered accountant to ensure accurate filing of the updated return. 2. *File Updated Return*: File the updated return (Form ITR-U) to rectify any errors or omissions in the original return. 3. *Pay Penalty*: Pay the penalty under Section 234F, as it cannot be waived or reduced by filing an updated return.

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On 24 March 2025 at 14:19
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Chartered Accountant
86505 Points Joined April 2011

Yes he can file as late fee of Rs. 1000/- is payable 

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On 25 March 2025 at 09:18


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