ITR
Business income missed in an earlier return
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Facts
Yes, missed business income can be added through an updated return for that year, subject to the usual bars. You may need to check whether the higher turnover triggers a tax audit.
Provisions and law
- Sec 139(8A), Income-tax Act 1961 (now Sec 263(6), Income-tax Act 2025)Updated return within 48 months from the end of the relevant assessment year, once per year, not to reduce tax or raise a refund.
- Sec 44AB, Income-tax Act 1961 (now Sec 63, Income-tax Act 2025)Tax audit is needed above set turnover limits.
Analysis
Recompute profit with the missed sales and related expenses. If turnover crosses the audit limit, the return may need an audit report. Pay tax and additional tax before filing. Keep GST data consistent.
Conclusion
- Compute the corrected turnover and profit.
- Check audit applicability.
- Pay tax and additional tax.
- File ITR-U with ITR-3.
A Savvy can do this for you
Updated return, ITR-U, Sec 263(6) (old 139(8A))
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