Can we set off income tax late fees with that year TDS & TCS in an updated return?
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Quick Summary
This discussion addresses whether income tax late fees can be offset against TDS and TCS when filing an updated Income Tax Return (ITR-U). While setting off is generally possible, it's important to note that claiming a TDS refund on an updated return is not permitted. If the set-off results in a tax refund, the system may prevent the filing of the ITR-U.