File Back 3 year ITR for Trust, NGOs and Societies with Updated Return u/s 139(8A) Income tax Return
The Income Tax Act of India has various provisions to accommodate changes in income reporting, including the filing of updated returns under Section 139(8A). This section is particularly relevant for entities such as trusts, Non-Governmental Organizations (NGOs), and societies that are required to comply with specific tax regulations. Understanding the intricacies of this provision is crucial for these entities to ensure compliance and avoid penalties.
What is an Updated Return Under Section 139(8A)?
Section 139(8A) allows taxpayers to file an updated return of income if they realize that they have either underreported income, missed reporting some income, or committed some other error in the original return. The provision is a step towards encouraging voluntary compliance by allowing taxpayers to correct any errors in their filed returns.
Applicability to Trusts, NGOs, and Societies
Trusts, NGOs, and societies in India are usually registered under Section 12A/12AB or Section 10(23C) of the Income Tax Act, which provides them with certain tax exemptions, subject to compliance with conditions. These entities file income tax returns typically in Form ITR-7. The updated return under Section 139(8A) is applicable to these entities if:
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This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, chartered accountant, tax professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
30 сен 2024
