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D return at loss
my turnover for the fy 21-22 is 31 lakhs...i have not filed itr yet.can i file updated return at loss ..is there any issue ? pls reply thanks in advance
Replies (13)
Quick Summary
Updated return cannot be filed for loss...
Rather file condonation request u/s. 119(2b) of the act, for delay in filing return..
Updated return can be filed only if there is tax liability.
If there is a nominal frofit...can i file updated return?
Yes, even if there is Rs. 100/- tax liability...
Declare 2.6lacs profit and file ITR U with 1000/- late fees
This is a firm so 2.6 lakhs profit is taxable
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..
Some says the chance of scrutiny is high for Updated return..is that so?
Not on basis of updated return, but mostly based on High Value Transactions.....
Ok thank you sir
You are welcome..
Make sure that you do the filing with supporting documents.
You may file it through condonation of delay as well and few powers are with IT dept
You may file it through condonation of delay as well and few powers are with IT dept
The loss return under sec. 139(8A) can not be filed as per IT Act.
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