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Income Tax Return u/s 139(8A)

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Suresh Jadhav

students

43 Points Posted on 24 August 2022

Can we file updated return below Taxable income i.e - 2,50,000

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Quick Summary

This discussion clarifies the eligibility for filing an updated Income Tax Return under section 139(8A). It explains that updated returns are intended for situations where tax liability increases. The content also outlines general ITR filing requirements, including thresholds for professional gross revenue and TDS/TCS amounts for individuals and senior citizens.

Mahesh Shah

2478 Points Posted on 24 August 2022

Updated return is ment to be filed only for taxable income which would enhance the tax liability only

Sai Allu

754 Points Posted on 24 August 2022

The individual must file an ITR if the sum of their professional gross revenues for the preceding year exceeded Rs 10 lakh. A tax return for the year must be filed if TDS or TCS totaled Rs 25,000 or higher. This rule will apply to senior citizens if their combined TDS or TCS is Rs 50,000 or greater each fiscal year.