Updated Return Operation of Section 139(8A) Illustrated

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The Tax Publishers Income Tax--Updated Return Operation of Section 139(8A) Illustrated Srivatsan Ranganathan The learned author with some possible practical situations seeks to analyse the implications of the provisions of sub-section 139(8A) relating to updated return. This is an example of operation of section 139(8A). It should be borne in mind that all possible scenarios cannot be envisaged nor is it an exhaustive compilation of all plausible outcomes. Some basic tenets are definitely applicable that have been illustrated herein. The tax payable amounts are also only hypothetical numbers and no computational effort has been made to see the actual tax impact on the same. For simplicity and ease of understanding, the illustrations have been given using small values and in absolute numbers. No interest computation is also considered in these illustrations. The examples pertain to assessment year 2023-24, readers will need to note that if it pertains to assessment year 2022-23 then the additional tax payable will be 50% and not 25% as illustrated therein. No individual head wise income impact is studied for the purpose of simplicity. New regime/Old regime shifts are not built in but see Notes in the end part of this write up. Readers will need to appreciate that some of the facets/scenarios are not yet tested factually, so it needs to be seen but a logical conclusion is illustrated herein. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Income Tax--Updated Return

Operation of Section 139(8A) Illustrated

Srivatsan Ranganathan

The learned author with some possible practical situations seeks to analyse the implications of the provisions of sub-section 139(8A) relating to updated return.

This is an example of operation of section 139(8A). It should be borne in mind that all possible scenarios cannot be envisaged nor is it an exhaustive compilation of all plausible outcomes. Some basic tenets are definitely applicable that have been illustrated herein.

The tax payable amounts are also only hypothetical numbers and no computational effort has been made to see the actual tax impact on the same.

For simplicity and ease of understanding, the illustrations have been given using small values and in absolute numbers.

No interest computation is also considered in these illustrations.

The examples pertain to assessment year 2023-24, readers will need to note that if it pertains to assessment year 2022-23 then the additional tax payable will be 50% and not 25% as illustrated therein.

No individual head wise income impact is studied for the purpose of simplicity.

New regime/Old regime shifts are not built in but see Notes in the end part of this write up.

Readers will need to appreciate that some of the facets/scenarios are not yet tested factually, so it needs to be seen but a logical conclusion is illustrated herein.