ITR: So far 5 lakh re filing has been done to the Income Tax Department. With this small step, the government has got an extra benefit of about Rs 400 crore.
Income Tax Return: Many times mistakes are made by income taxpayers while filing Income Tax Return (ITR File). But in the past, the government started the facility of updated ITR. Its results came as a surprise and the government has benefited to the tune of Rs 400 crore. In the past, the government had given the facility for tax payers to update their tax returns.
5 lakh re filings done
After this recently implemented rule, the Income Tax Department has so far received 5 lakh re-filings. With this small step, the government has got an extra benefit of about Rs 400 crore. A senior government official gave information about this. A new rule for updating tax returns has been added in the Finance Act 2022. Under this, taxpayer can update his Income Tax Return (ITR) within 2 years of filing.
New form introduced in May
A new form was introduced in May this year to file an updated income tax return. The official said that till now 5 lakh updated ITRs have been submitted and about Rs 400 crore has been paid as tax. He said that companies are also filing updated ITR. Quoting figures, the official said that a company has filed an updated return and deposited tax of Rs one crore.
Keeping in mind the convenience of income tax payers, the government has started Taxpayers’ Lounge in the International Trade Fair 2022. This time the theme of the India International Trade Fair (IITF) is ‘Vocal for Local’. Accordingly, tax incentives given for startups, agriculture and related activities have been highlighted in the lounge of tax payers.
