Income Tax Return: For the financial year 2021-2022, your income tax return was to be submitted by 31 July 2022. After this, income tax return had to be filed by 31 December 2022 with penalty. However, if people have not filed income tax even till December 31, then what will happen to such people?
Income Tax: Every year people file income tax. There is also a time limit for filing income tax. Income tax has to be filed within this time limit. If someone misses this time limit and files income tax after that, then he has to pay penalty as well. For the financial year 2021-2022, he had to submit his income tax return by 31 July 2022. After this, income tax return had to be filed by 31 December 2022 with penalty. However, if people have not filed income tax even till December 31, then what will happen to such people?
Income tax
Actually, if some people have not filed income tax return for the financial year 2021-2022 even till the last date 31 December 2022, then such people still have one chance left. Such people have the option of submitting an updated tax return (ITR U). This option was made available in Budget 2022. This option is available for 24 months after the end of the assessment year by paying an additional tax of 25-50% on the interest tax.
Income Tax Return
Irrespective of whether a person has filed original, belated, or revised ITR or has missed filing the form altogether in a particular financial year, an Updated ITR (ITR-U) can be filed only if Taxpayer has new income to report. However, there are some circumstances in which a person cannot file an updated ITR.
Income Tax Refund
If a person has missed the deadline for filing ITR or wants to revise his ITR, then ITR-U can be filed. This can be done only to show new income. ITR-U cannot be used to declare any loss, get income tax refund or do any other such work.
ITR
If ITR-U for FY 2021-22 is filed within the first relevant assessment year, that is between April 1, 2023 and March 31, 2024, a person will be liable to pay 25% more tax on the tax payable. Will also be responsible for If ITR-U is filed between April 1, 2024 and March 31, 2025, an additional 50% of the tax payable will have to be paid.
ITR Filing
ITRs filed after July 31 must be updated within the first 30 days from 120 days of return filing, according to a new rule introduced by the Central Board of Direct Taxes (CBDT). If a person has submitted revised or belated ITR in December, they need to confirm the same in January before the deadline. ITRs should be verified within 30 days or else they become invalid.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
