New Delhi: There is big news for those filing Income Tax Return (ITR). Income tax payers will be able to update their income tax return only once in an assessment year. Its purpose is to give an opportunity to those people who have omitted any information or have filled any wrong information in the income tax return.
In the budget, such taxpayers have been allowed to update ITR within two years of filing it, which has made some mistake in the return or has omitted any details. Any mistake can be rectified within two years.
More than 6.2 crore income tax returns and about 21 lakh tax audit reports have been filed since June last year on the new e-filing portal of the Income Tax Department.
If the updated ITR is filed within 12 months, an additional 25% will have to be paid on the outstanding tax and interest. At the same time, on filing after 12 months, the payment will increase to 50%. It has to be filed within 24 months of the relevant assessment year.
6.2 crore ITRs filed on new portal
At the same time, the tax department said in a statement on Friday, “About 21 lakh Large Tax Audit Reports (TARs) have been filed till February 10, 2022 on the new e-filing portal of the Income Tax Department.” The new income tax portal was launched on June 7, 2021. A total of 6.2 crore income tax returns were submitted for the assessment year 2021-22.
Of these, 48 percent ITR-1 (2.97 crore), nine percent ITR-2 (56 lakh), 13 percent ITR-3 (83 lakh) and 27 lakh ITR-4 (1.66 crore), ITR-5 (11.3 lakh), There were ITR-6 (5.2 lakh) and ITR-7 (1.41 lakh crore).
Deadline for submission of ITR is till March 15
In January, the government had extended the last date for submission of income tax returns in the case of companies till March 15 for the financial year 2021-22. At the same time, the deadline for submission of Tax Audit Report and Transfer Pricing Audit Report for 2020-21 is February 15.
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
