ITR-U Latest News: Taxpayers can use ITR-U by updating their income tax return again. Know how many people used ITR-U between May and September.
ITR-U Latest News: The date for filing Income Tax Return (ITR) for the financial year 2022-23 is now over. For this, ITR (ITR Update) was to be filed before July 31, but even after this, many taxpayers filled the ITR form with fine or penalty. However, in this year’s budget, the Central Government had announced ITR-U, under which taxpayers can update their income tax returns and fill it again. Now a new update has come regarding this ITR-U. According to the tweet made by the Income Tax Department, between May and September, more than 1.55 lakh ITR-Us have been filled.
Additional amount to be paid for filling ITR-U
The Income Tax Department has given this information by tweeting from its official Twitter handle and has told that till September 2, more than 1.55 lakh ITR-Us have been filed. In order to file ITR-U, taxpayers will have to pay an amount over and above the remaining tax.
Finance Act 2022 introduced a new provision of filing Updated Income Tax Returns u/s 139(8A) of the Income-tax Act, 1961.
Over 1.55 lakh Updated ITRs have been filed upto 2nd September, 2022.
More than 20,000 taxpayers have filed Updated ITRs for both AYs 2020-21 & 2021-22#ITRU— Income Tax India (@IncomeTaxIndia) September 4, 2022
The Income Tax Department said in its tweet that till September 2, more than 1.55 lakh ITR-Us have been filled. Apart from this, updated ITRs have been filed for assessment year 2020-21 and 2021-22 (2019-20) and financial year 2020-21.
Provision was brought under the IT Act
Explain that the Finance Act 2022 had issued a provision for filing ITR-U under section 139 of the Income Tax Act, 1961. As per the provision, if ITR-U is filed within 12 months i.e. 1 year of the assessment year, the taxpayer will have to pay 25% of the tax due and interest. Apart from this, if ITR-U is filed after 12 months of the assessment year and 24 months before, then the rate of deposit of this additional amount will be 50 percent.
Why ITR-U Form is needed
Please note that the ITR-U form should be filled within 2 years of the assessment year. Through this form, the income in ITR is updated and the department has to explain why you are filing ITR-U.
