My friend was diagnosed with some neurological disorder last year. In FY 21-22, he invested in the US stocks through indmoney. When the time for the ITR filing came last year, his parents gave their accountant all the relevant documents. He filed my friend's return under ITR-2, as there were some short term capital gains from Indian mutual funds, and the total tax liability was zero. His only source of income is interest income as he is not able to work anymore due to his health conditions. Anyways the accountant did not file the FA schedule and didn't show the dividends received from US stocks, which is around Rs. 1000. The return was processed later on. This year we have read about the compliance's and have found that it is necessary to mention the FA in the ITR. Can this return be revised under ITR U or under any other way? If not then should my friend's family contact the department themselves and apologize for this mistake in advance themselves? Please help.
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Can ITR U be filed here
| Originally posted by : Madhavan R | ||
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Under the same scenario self approached the dept. who opined to file ITR U FILING POST assessment for the FY 21-22 and for the current FY to file a revised ITR by dec23 ending. |  |
Thanks for replying. Unfortunately ITR U cannot be filed as there will be no increase in tax payment, since tax liability is already zero. We just want to disclose the Foreign Asset holding for the FY 21-22 which the accountant did not disclose. Someone suggested ITR Rectification. Is this possible here?
ITR Update is the disclosure of FA/ Forign Income by dividend received outside India
There is no connected tax benefit but disclosure is needed.. Rectification under ITR portal doesn't cover this issue so far ..please contact helpdesk too for your concern and post it common benefit
| Originally posted by : Madhavan R | ||
|
ITR Update is the disclosure of FA/ Forign Income by dividend received outside India There is no connected tax benefit but disclosure is needed.. Rectification under ITR portal doesn't cover this issue so far ..please contact helpdesk too for your concern and post it common benefit |
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Thanks. Sir why doesn't Rectification cover this issue? It allows us to do add schedule Foreign Assets etc.
| Originally posted by : sabyasachi mukherjee | ||
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It is not itr u but a revised itr as per norms. If u hv received any notice then thanks to the notice. reply to the notice. | |
No notice, the individual wants to rectify/revise the same himself whichever is possible. Is revision possible now or only rectification?
Hi, I'm in a similar situation, were you able to rectify previous returns via ITR-U?
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