Key Points
"If a taxpayer intends to file ITR-U which results in a refund or increases the refund previously due on the basis of an earlier income tax return, then also it cannot be done," says Dr Suresh Surana, founder, RSM India, a tax and business consulting group...
However, in case the updated return (ITR-U) is furnished after the expiry of the due date of filing of belated or revised return but before completion of a period of 12 months from the end of the relevant assessment year, the additional tax payable shall be 25% of the aggregate of tax and interest payable," says Surana...
ITR-U cannot be filed if it results in refund or increases the refund previously due based on an earlier income tax return (ITR),In case a search under section 132 has already been initiated against the taxpayer, ITR-U cannot be filed for the assessment year in which the search has been initiated and for any assessment year preceding such assessment year,In case documents, or any assets, etc have been requisitioned under section 132A, ITR-U cannot be filed for such assessment year in which the requisition is made and for any assessment year preceding such assessment year,In case a survey under section 133A has been conducted against the taxpayer, ITR-U cannot be filed for such assessment year in which the requisition is made and for any assessment year preceding such assessment year..
However, this restriction shall be applicable in case the survey is conducted in connection to TDS or TCS,In case a seizure or requisition of money, bullions, jewellery, or other documents has been made under section 132 or 132A and the seized or requisitioned items belong to the taxpayer, ITR-U cannot be filed for the assessment year in which such a seizure or requisition is made and also for any previous assessment year preceding such assessment year,In case the assessment/reassessment/revision/re-computation is pending or already completed,ITR-U cannot be filed in case the assessing officer has information about the taxpayer under specified Acts (i.e..
Prevention of Money Laundering Act, Prohibition of Benami Property Transactions Act, etc) and the same has been communicated to the taxpayer before the furnishing of IITR-U,ITR-U cannot be filed if the assessing officer has information about the taxpayer under Double Taxation Avoidance Agreement or Tax Information Exchange Agreement and the same has been communicated to the taxpayer...
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