Home > Income Tax > Service Plans > Updated Return u/s 139(8A) Filing Service Plan Last Updated: Sep 13th 2022

Updated Return u/s 139(8A) Filing Service Plan & Pricing

Service

  • Expert assisted "Updated Income tax filing" for individuals with various sources of income like F&O, intraday trading, Share trading Income or Losses, and/or Sale of properties, business income along with single or multiple house properties, single or multiple Form-16s, and interest income.
  • Expert support through Email, phone & chat during the business hours.

Who should buy?

  • Individuals who wants to file updated return for FY 2019-20, FY 2020-21.
  • Any Income level but the pricing depends on sources of income.

Process

  • Upon receiving the documents, our expert will call you before starting the process.
  • Expert team will exchange the information thru email and phone calls, if necessary.
  • Team will send you the Draft Computation Sheet for further review. Kindly pay the necessary taxes and share the challan copy.
  • Once confirmed, team will e-File your return, and send you the ITR-V acknowledgement.
  • Estimated Processing Time: 24-48 hours

Documents to be Submitted

The documents / information listed below are based the sources of income you have for a specific FY. Some of them are optional.

EZTax.in is an authorised ERI Type-2 integrated with IT Department, hence not all information required that you used to share with a typical tax consultant.

  • PAN Number and Date of Birth.
  • e-mail ID & Mobile Number.
  • Form-16 (if Salaried)
  • House Loan Principal and Interest amount along with property address and financial year (if any) or rental information.
  • House Property related (Rent received, Property taxes, Tenant Name, Address of Property and Co-ownership details).
  • Trading Tax P&L Statement(s)
  • All the Trading statements (if applicable) from trading houses such as Zerodha, Upstox, Groww, ICICI Direct, ShareKhan, Reliance, Angel Broking, Motilal Oswal, India Infoline, Kotak Securities, Edelweiss, HDFC Securities, 5Paisa, CAMS etc. (Note: Preferred format is MS Excel)
  • If it is a sale of a property or an asset, below details are required
    1. Sale Date, Sale Value, Purchase Date, Purchase Value, Fair Market Value (FMV) where applicable.
    2. Any cost of improvements.
    3. Any reinvestments.
  • Any other incomes, Investments or Savings details.
  • Asset information only if the gross income is greater than Rs. 50L

Other Benefits

Every Service comes with the benefits such as

  • e-File & PDF Report
  • e-Verification Assistance
  • Post Service Follow up

Important Links

Updated Return u/s 139(8A)

Starts from
Rs. 1499
Updated Return pricing vary based on source of income.


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FAQ's

A comprehensive list of frequently asked questions on single form16 IT Filing.

1. What is Updated Income Tax Return ?

Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)- Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation.

2. Who can file Updated Income Tax Returns u/s 139(8A)?

All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers needs to meet the following criteria to file the updated returns.

  1. The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return.
  2. The Updated return can be filed only if the taxpayer has to disclose any additional income which was missed earlier and should pay additional taxes
3. What is the time limit to file Updated returns?

The time limit for filing updated returns is 2 years from the end of such relevant assessment year.

  1. For AY 2020-21 (FY 2019-20): The due date for filing updated return is 31/03/2023.
  2. For AY 2021-22 (FY 2020-21): The due date for filing updated return is 31/03/2024.
4. I want to claim refund for AY 2021-22. Can I file Updated Return?

No, you cannot file updated return if you have the refund. Updated return can be filed by only those persons who have tax liability.

5. How many times can I file Updated return?

Updated return can be filed only once and it is not possible to revise updated return.