Finance Minister Nirmala Sitharaman has also given the facility to the taxpayers to update the previous ITR in the budget presented in February this year. The Income Tax Department has said that since the introduction of this facility, more than one lakh taxpayers have been benefited so far, while the government has also collected Rs 28 crore more tax.
New Delhi. The last date for filing income tax return for the financial year 2021-22 has passed and taxpayers who have not yet filed the return can fill it with late fee till December 31, 2022. There are many such taxpayers who have missed something in their previous ITR, what is the arrangement of the Income Tax Department for such taxpayers.
Income tax affairs expert and CA Atul Garg says that the Income Tax Department has now given the facility to the taxpayers to update their returns. Finance Minister Nirmala Sitharaman introduced the facility of Updated Return (ITR-U) in the Union Budget presented in February. In this, the ITR filed for any financial year gets the facility to be updated for the next two financial years.
The return of 2020-21 will also be updated
Taxpayers were given extra time to file income tax returns during the Corona period. However, economic activities were also affected due to the lockdown at that time, due to which many taxpayers could not disclose some income in their returns. If such taxpayers have to update their ITR, then they have a chance till 2022-23. That is, such taxpayers can amend their previous ITR till March 2023.
Have to pay more
If a taxpayer wants to take advantage of this facility, then he will also have to pay more tax. According to the Income Tax Department, if a taxpayer filing an updated return takes advantage of this facility within a year, then 25 percent of the additional income he discloses will have to be paid in tax form. Similarly, if this facility is being availed after one year, then 50 percent of the additional income disclosed will have to be paid as income tax.
Till now one lakh people have availed the benefit
Ever since the government has started the facility of updated returns, now about one lakh taxpayers have availed it. If you want to update the ITR before the corona period i.e. ITR for the financial year 2019-20, then you can take advantage of it till March 31, 2023. The facility of updating ITR is available only once in an assessment year. CBDT Chairman Nitin Gupta says that under this scheme, tax collection of Rs 28 crore has been done so far.
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