Question ID :
42259
ITR revision for Financial year 2020-21
Can ITR for 2020-21 Fin Year be revised for increasing Taxable Income which was underreported. Further what will be penality etc
Posted by
Mahesh Kumar
on
Apr 24, 2022
Filed Under
DIRECT TAXES
Yes. It can be done. Kindly read the amendment in the Income Tax Act, 1961 by the finance act 2022 for quantification of the penalty.
Posted by
CA. JHA SHANKAR KUMAR on
Apr 26, 2022
Answer ID :
81469
Yes. No penalty is leviable for Bonafide mistake. However, interest under section 234B and 234C should be recalculated upto date of filing of revised return.
Posted by
CA. chunauti dholakia on
Apr 26, 2022
Answer ID :
81471
As per newly inserted section 139(1) 8A, you can do the same by paying 25% or 50% as additional tax over and above the regular tax. Interest u/s 234B & C will also be applicable.
Posted by
CA. SATISH CHAND GARG on
Apr 26, 2022
Answer ID :
81477
Updated ITR can be filed with additional taxes as applicable along with interest.
Posted by
VINAY BHARGAV KUMAR G on
May 02, 2022