Filing of Indian Income Tax Updated Return
- Year of Publication: 2022
- ISBN: 978-93-91005-27-6
- No.of Pages: 94
Presently, the income-tax provisions allow taxpayers to file their original return of income under section 139(1) of the Income Tax Act, 1961 (herein after referred to as ‘the Act’)within a specified timeframe. Taxpayers failing to furnish their original return are allowed to file a belated return.
Additionally, taxpayers are also allowed to revise their original/ belated return and rectify any error or omission made earlier. As a step towards achieving the Tax certainty, the Finance Act, 2022 has introduced the new provisions by way of sub-section (8A) of section 139 of the Act enabling the taxpayers to file the Updated Return subject to certain conditions which have come into effect from 01.04.2022. Thus, the Government of India has opend another window for the taxpayers to file what is being called an “Updated Return” if the time limits for belated/ revised returns have elapsed. However, this opportunity comes
A plain reading of the term ‘updated return’ raises a significant question - what is an updated return and how is it different from the existing revised return? The Book shall serve as a ‘reference guide’ to help and assist the taxpayers, professionals and department in their work of filing of Updated Return. The book shall give an idea of what the Updated Return is under the Act, for which the Form U is notified by the CBDT. The book shall also provide a complete analysis of the new updated Return.
Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income tax Department in the year 1983and retiredas Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.
AWARDS
He is recipient of first-ever Finance Minister’s Award 2017, the Income Tax Department’s highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon’ble Union Finance Minister, Shri Arun Jaitley conferred this Finance Minister’s Award for Excellence for his meritorious services at Vigyan Bhawan, New Delhi on 24-07-2017.
CERTIFICATE OF APPRECIATION
Awarded by Hon’ble Member (Revenue & TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter “Miscellaneous Orders” in “Let Us Share–A compilation of Best Practices & Orders” Vol.–VIII released on 31st of October, 2016. Awarded by Hon’ble Member (Revenue & TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter “Miscellaneous Orders” in “Let Us Share–A compilation of Best Practices & Orders” Vol.–VIII released on 31st of October, 2016.
Commercial LAW PUBLISHERS (INDIA) PVT. LTD. which is in the legal publishing business for nearly three decades is now one of the top ranking legal publishers in India–recognized and accepted by diverse professionals and business entities as well as Government Departments in view of the high quality, practical utility as well as diversity in subjects on which it brings out Books. It has the powerful backing of its vast exposure as the leading Books Distributor All over India for over 45 years. From just a couple of titles during the first few years of its publishing activity, Commercial has now around 200 titles and over 350 Bare Acts & Manuals in the field of Direct Indirect Taxes, Corporate Law and Civil/Criminal Laws. It successfully launched the Bare Acts project in the year 1996 and has so far brought out over 350 updated Bare Acts. These are much sought after since these Bare Acts are annotated ones containing notes and brief comments, thus enhancing their utility. Commercial has been bold enough to bring out Books, Commentaries and Referencers on hitherto untouched subjects like Legal Metrology. It has a record number of publications on Income Tax, Company Law, Customs, GST and Students Publications for CA & CS by bringing out high quality publications at affordable prices and is an highly ethical business enterprise. Commercial has withstood the market competition successfully over the years including competition from Foreign publishers and strives its best to serve the legal and corporate professionals better and better every day with its novel ideas and business strategy. Commercial is backed by a team of highly competent in-house professional experts supplemented by high profile authors who have stood by it for decades.
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- Year of Publication: 2022
- ISBN: 978-93-91005-27-6
- No.of Pages: 94
Presently, the income-tax provisions allow taxpayers to file their original return of income under section 139(1) of the Income Tax Act, 1961 (herein after referred to as ‘the Act’)within a specified timeframe. Taxpayers failing to furnish their original return are allowed to file a belated return.
Additionally, taxpayers are also allowed to revise their original/ belated return and rectify any error or omission made earlier. As a step towards achieving the Tax certainty, the Finance Act, 2022 has introduced the new provisions by way of sub-section (8A) of section 139 of the Act enabling the taxpayers to file the Updated Return subject to certain conditions which have come into effect from 01.04.2022. Thus, the Government of India has opend another window for the taxpayers to file what is being called an “Updated Return” if the time limits for belated/ revised returns have elapsed. However, this opportunity comes
A plain reading of the term ‘updated return’ raises a significant question - what is an updated return and how is it different from the existing revised return? The Book shall serve as a ‘reference guide’ to help and assist the taxpayers, professionals and department in their work of filing of Updated Return. The book shall give an idea of what the Updated Return is under the Act, for which the Form U is notified by the CBDT. The book shall also provide a complete analysis of the new updated Return.
Ram Dutt Sharma was born on 27th June, 1958 in Narnaul, Haryana. He got his post-graduation from M.D. University, Rohtak in 1980. He joined the Income tax Department in the year 1983and retiredas Income Tax Officer on 30.06.2018. He worked at various stations of North-West Region of Income-tax Department. He has wide experience of all wings of Income-tax Department such as Assessment Unit, Special Range, TDS Wing, Investigation Wing, etc. He has been Contributing articles and addressing on topics relating to Income Tax at Direct Tax, Regional Training Institute, Chandigarh. He has also addressed number of seminars organized by the Income-tax Department, Chartered Accountants, Advocates and various Trade Associations.
AWARDS
He is recipient of first-ever Finance Minister’s Award 2017, the Income Tax Department’s highest honour for sustained devotion, commitment to duty & promoting excellence in the field of Direct Taxation at National Level. The Hon’ble Union Finance Minister, Shri Arun Jaitley conferred this Finance Minister’s Award for Excellence for his meritorious services at Vigyan Bhawan, New Delhi on 24-07-2017.
CERTIFICATE OF APPRECIATION
Awarded by Hon’ble Member (Revenue & TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter “Miscellaneous Orders” in “Let Us Share–A compilation of Best Practices & Orders” Vol.–VIII released on 31st of October, 2016. Awarded by Hon’ble Member (Revenue & TPS), CBT, Special Secretary to the Government of India Certificate of Appreciation for his contribution recognized and included in the chapter “Miscellaneous Orders” in “Let Us Share–A compilation of Best Practices & Orders” Vol.–VIII released on 31st of October, 2016.
Commercial LAW PUBLISHERS (INDIA) PVT. LTD. which is in the legal publishing business for nearly three decades is now one of the top ranking legal publishers in India–recognized and accepted by diverse professionals and business entities as well as Government Departments in view of the high quality, practical utility as well as diversity in subjects on which it brings out Books. It has the powerful backing of its vast exposure as the leading Books Distributor All over India for over 45 years. From just a couple of titles during the first few years of its publishing activity, Commercial has now around 200 titles and over 350 Bare Acts & Manuals in the field of Direct Indirect Taxes, Corporate Law and Civil/Criminal Laws. It successfully launched the Bare Acts project in the year 1996 and has so far brought out over 350 updated Bare Acts. These are much sought after since these Bare Acts are annotated ones containing notes and brief comments, thus enhancing their utility. Commercial has been bold enough to bring out Books, Commentaries and Referencers on hitherto untouched subjects like Legal Metrology. It has a record number of publications on Income Tax, Company Law, Customs, GST and Students Publications for CA & CS by bringing out high quality publications at affordable prices and is an highly ethical business enterprise. Commercial has withstood the market competition successfully over the years including competition from Foreign publishers and strives its best to serve the legal and corporate professionals better and better every day with its novel ideas and business strategy. Commercial is backed by a team of highly competent in-house professional experts supplemented by high profile authors who have stood by it for decades.
