Revised ITR Filing Rules: Along with the announcement of filing Revised ITR by Finance Minister Nirmala Sitharaman, many conditions have also been added for this facility. If you look at all the rules, then overall if the government suffers any kind of loss on filing the revised ITR within two years, then the facility will not be given.
Revised ITR Filing Rules: Finance Minister Nirmala Sitharaman presented the Budget 2022 in Parliament today. The Finance Minister said in the budget speech that taxpayers have been given the freedom to file Revised ITR for two years. But let us tell you that all the taxpayers will get its benefit. Actually, the government has imposed some conditions to take advantage of it.
The Finance Minister said in the budget speech, ‘If for any reason there has been a mistake in ITR or has failed to pay tax, then taxpayers can file revised income tax returns (ITR) for the next two financial years. Under this, they will have to pay an additional 25 to 50 percent as interest on tax. Its benefit was to be available to such individual taxpayers who miss the deadline. But you should know that without the conditions related to Revised ITR, you will not get its benefit.
When you cannot file Revised ITR
- If a taxpayer’s income is in loss, then he cannot file Revised ITR.
- This facility will not be available even if the tax liability of a taxpayer is less than before.
- Even if the refund of a taxpayer is increasing in the revised ITR, he will not get this facility.
- If the Income Tax Department has started scrutiny against a taxpayer, then he will not get the new facility.
- If the name of a taxpayer has been revealed in income tax raid or other search, then he will not get the benefit of Revised ITR.
Taxpayers get disappointed
Significantly, the taxpayers had expected to get tax exemption on the increased expenditure due to work from home (WFH) during the epidemic, but they have got disappointment on this. Apart from this, he also hoped that the government would include the tax exemption on home loans in the new tax slab.
But here too they have not got any good news. At present, a tax exemption of Rs 2 lakh is allowed under section 24B of income tax and Rs 1.5 lakh under 80C on the interest paid on the home loan.
