The Finance Act 2022 has introduced a new concept of updated return by inserting a new Sub-Section 8A to Section 139 which allows a person to file an updated return of income. The provision of updated return is effective from April 1, 2022 and the time limit provided for filing an updated return is 24 months from the end of the relevant assessment year. Therefore, in the current financial year 2022-23 you can file an updated return for assessment year 2020-21 and 2021-22.
The CBDT has already notified new Rule 12AC and a new form, ITR-U. You can now file updated return by disclosing additional income for assessment year 2020-21 and pay additional taxes along with applicable interest. Similarly, for assessment year 2021-22 you can also file the return in form ITR-U and pay tax along with applicable interest. Note that you will not be able to update your return if it is of loss or enhancement of loss. Further, if the concerned assessment year is subject to search and seizure proceedings, then also you will not be allowed to update your return. You can mention the reasons for updating the income such as return previously not filed or income not reported correctly, etc. You can refer to Section 139(8A) of the Income Tax Act read with Rule 12AC.
Denne historien er fra May 23, 2022-utgaven av Dalal Street Investment Journal.
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Denne historien er fra May 23, 2022-utgaven av Dalal Street Investment Journal.
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How To Invest In An Ageing Bull Market
Bull rallies (periods when stock prices rise) and bear declines (periods when stock prices fall) are natural parts of stock market cycles, but they don't follow a fixed timeline.
Should You Entrust All Your Money To A Single AMC?
If you are a market participant, you have probably heard the quote 'don't put all your eggs in one basket', which suggests diversification. Investors often focus on diversifying across categories like large-cap, mid-cap and small-cap, but they may unintentionally overlook diversification across different AMCs. The question arises: is AMC-wise diversification really necessary? Rakesh Deshmukh takes a closer look at this scenario
Wild Swings Engulf Global Equities
U.S. stock markets experienced significant volatility. An early-week rally pushed the markets to new highs, but this momentum faded, primarily due to weaknesses in the tech sector. The major indices had a mixed finish with, S&P 500 and Nasdaq closed lower, while the Dow recorded a notable gain.
U.S. Elections and China's Economy Hamper Commodities
Commodity markets experienced selling pressure in the last fortnight, driven by uncertainties surrounding the upcoming U.S. presidential elections, concerns about the Chinese economy, and increased agricultural production in Brazil.
Wealth Building For Retirement Through Mutual Funds
Retirement is one of the most crucial and lifechanging phases. It marks a period where maintaining your lifestyle becomes paramount even though your regular income stops.
Mastering Investment with Information Ratio
Information Ratio helps in navigating the complexities of the investment landscape by assessing an active fund manager's performance. And though it has its limitations, it remains an essential part of the finance industry. The article explains what Information Ratio is and how investors can use it as another tool
Plan To Be Financially Independent
Each of us aspires to be financially independent as it ensures having enough resources to be self-sufficient and control our finances.
❝Technology is the new game-changer"
With a new breed of young investors entering the financial markets, it is the use of technology that is increasingly playing a major role in how investments are done and tracked. Anand Radhakrishnan, Managing Director, Sundaram Mutual Fund, shares his opinion about how this factor is turning into a significant tool and how it will shape the strategies of his company
What If Donald Trumps?
The potential election of Donald Trump as president in the U.S. carries significant implications for the Indian equity market. It could lead to changes in the global trade dynamics, in particular affecting the Indian IT sector while also raising inflation levels and leading to yet another revision in the visa programme for Indians who want to work in the US. The article takes a closer look at what may lie in store
Sectoral Gains Make A Mark
Benchmark indices continued their uptrend, reaching new record highs, although the pace has slowed as the broader markets faced selling pressures
