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Can I file ITR U with a penalty of rs. 1000

NEERAJ GUPTA (Finance Professional) (21 Points)

01 September 2022

Can I file my ITR U as a fresher having income of 270000 by paying a penalty of rs.1000 only

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16 Replies

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 01 September 2022

Yes you can

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160629 Points)
Replied 02 September 2022

If you are filing Updated ITR, the utility calculates 25/50% (depending upon AY 2021-22 or 2020-21) additional tax liability as penalty. No question of Just Rs. 1000/- penalty, if you have already filed return earlier...

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 02 September 2022

For AY-2022-23 , You can't file ITR U and prior 2 years can be filed

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 02 September 2022

But when I am trying to file it is not asking any penalty @ Dhirajlal Rambhia

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 02 September 2022

If it is below tax exemption limit or ITR is already filed and updating now then there won't be any 1000/-

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 03 September 2022

Only tax with interest and penalty is calculated in fresh updated return

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160629 Points)
Replied 03 September 2022

Originally posted by : CA Rashmi Gandhi
	But when I am trying to file it is not asking any penalty @ Dhirajlal Rambhia

If return was filed earlier, there would be no extra penalty of Rs. 1000/- or Rs. 5000/- as I suggested earlier. But 25% or 50% interest on tax is as such penalty.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 03 September 2022

👍🏻👍🏻

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Alliance Tax Experts (Tax Practitioner) (42 Points)
Replied 03 September 2022

Yes you can file

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 03 September 2022

Okk Thanks to you Sir.

@ Eshwar Reddy , instead of putting thumbs for point reply to other queries

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Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 03 September 2022

First you should have practical knowledge..

Both situations are possible in ITR U

Late fees is applicable if ITR was not filed earlier.
Late fees is not applicable if ITR was done earlier

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 03 September 2022

Thats why I am asking from Dhirajlal Sir, no need of your response

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160629 Points)
Replied 03 September 2022

No penalty or fee is levied upon a person who wishes to furnish an updated return. However, he is required to pay an additional tax in accordance with Section 140B.

The additional tax shall be equal to 25% of the aggregate of tax and interest payable by a person on the filing of the updated return, where such return is furnished after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year.

Where the updated return is furnished after the expiry of 12 months from the end of the relevant assessment year but before completion of the period of 24 months from the end of the relevant assessment year, the additional tax payable shall be 50% of the aggregate of tax and interest payable.

Further, a fee under Section 234F shall be charged if such person didn’t furnish a return of income for that Assessment Year for which he is furnishing an updated return.

Cortesy... TAX MANN

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