Alert! ITR Filing Update, Know More Details - Viral Bake
Business

Alert! ITR Filing Update, Know More Details

Income Tax Department has brought a change in ITR Filing rules. All the taxpayers can now only update for an assessment year only once. The news was given by a government official. This is to ensure that only genuine people can get the benefit of the updating service provided by the Income Tax Department. Let’s dive in some details here and make us aware.

JB Mohapatra, CBDT Chairman has said at an event that the department has brought this provision so that we can help genuine people who have missed something out while filing returns.

He said, “Such taxpayers can only file one updated return for one assessment year.” To correct any omissions or discrepancy Budget 2022-23 has permitted taxpayers to update ITR filing within two years of filing.

Also read:

IRCTC Q3 Net Profit Shot By 167%; Dividend Announced

According to IT Department you will have to pay additional 25% on due tax and interest if you file updated ITR within 12 months. The rates will increase to 50% if it is filed after 12 months or before 24 months from end of assessment year.

If you have filed updated return and have not paid additional taxes then you will not get benefit of updated return and it will be considered invalid. Earlier if IT Department used to find out that taxpayer has missed some income then it used to go through adjudication which is a lengthy process.

The changes have rested more trust in taxpayers. IT Department wants the taxation system to be more easy and convenient and do not want to harass the people.

In her speech Nirmala Sitharaman Union Finance Minister said that, “To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year.”

Siddhant Baranwal

Siddhant is a Content Creator. He has been doing this for past three years and have managed to gain good attention of audiences for his work. He is an active reader and has huge respect for art and theatre.

Related Articles

Back to top button

AdBlocker Detected

Please Disable Adblock To Proceed & Used This Website!