Income Tax Alert: Do this work before 31st March otherwise you will have to pay 50% extra tax, know details

Income Tax Alert: Today, the Income Tax Department has issued an advisory urging the taxpayer to immediately file their updated Income Tax Return (ITR-U) before March 31, 2025 to reduce the penalty. Today we are going to give you some information related to this, how you can avoid paying 50 percent extra tax by doing these works.

Income Tax Alert: The month of March is in its last phase. You have to complete many tasks related to money before March 31. If you do not complete this work before the end of the financial year, then you may have to pay a penalty. Today we are going to give you some information related to this, how you can avoid paying 50 percent extra tax by doing these works.

Income Tax Department Advisory

Today, the Income Tax Department has issued an advisory urging taxpayers to promptly file their updated income tax returns (ITR-U) before March 31, 2025 to avoid lower penalties and additional financial burden. Filing an updated income tax return allows taxpayers to voluntarily disclose any undisclosed income or correct errors in previously filed returns.

4.64 lakh updated ITRs filed

Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha that in the current assessment year (2024-25), till February 28, 4.64 lakh updated ITRs have been filed and tax of Rs 431.20 crore has been paid. In the year 2023-24, more than 29.79 lakh ITR-U were filed and additional tax of Rs 2,947 crore was paid.

Updated Return

Updated return (ITR-U) can be filed by any taxpayer, including individuals, businesses or other entities. The Income Tax Department posted on social media that filing ITR-U now = 25% additional tax + interest. Filing after March 31, 2025 = 50% additional tax + interest. Please file updated return of income tax as per the provisions of section 139(8A) of the Income Tax Act, 1961. File by March 31, 2025 to avail 25% additional tax and reduced interest.

What is an updated return?

If a taxpayer has missed any detail while filing ITR or has made a mistake while filing the return, he can file an updated ITR to correct it and file it again.

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