D return at loss

Updated return cannot be filed for loss...

Rather file condonation request u/s. 119(2b) of the act, for delay in filing return..

Yes, even if there is Rs. 100/- tax liability...

Even for firm, if there is loss, updated return cannot be filed.

While for firm having profit of any amount, if there is any tax liability after adjustment of taxes paid/ TDS, you can file return, u/s. 139(8A) of IT act..

Not on basis of updated return, but mostly based on High Value Transactions.....

You are welcome..