ITR Filing: The deadline for filing unaudited Income Tax Return (ITR) has passed and those who have not filed their ITR by the due date need to file their return on last for submission of ITR, i.e. 31 December 2022. ITR, some taxpayers may find financial information that should have been part of the earlier ITR. For such taxpayers, the central government has introduced Income Tax Return – Updated (ITR-U), which enables taxpayers to comply with their tax obligations without getting into legal trouble. Finance Minister Nirmala Sitharaman made a statement in this regard while presenting the Union Budget in February 2022.

Talking about ITR-U, Aarti Raote, partner at Deloitte India said, “ITR-U is the tax exemption form that allows the taxpayer to file the tax for the assessment year two years before’ the current academic year i.e. the taxpayer can file a new revision. return for AY: 2020-21 to FY: 2022-23 to submit additional income tax. One needs to pay additional income tax of 25 percent if the return is deposited within 1 year and increased to 50 percent.”

“You can file ITR-U for FY 2019-20 till 31st March 2023 and onwards for subsequent assessment years. Only one ITR-U can be filed for each assessment year. Govt. infrastructure through ITR-U for voluntary release. which is unaccounted income and comes clean after paying additional tax of 25 percent / 50 percent on unaccounted income. has now been established ,” said Archit Gupta, Founder & CEO of Clear.

Talking about ITR-U, CBDT chairman Nitin Gupta told PTI that the scheme was brought by the union government for the benefit of taxpayers so that they can comply with their tax responsibilities. without entering into the law.

“The refund we have received is around 1 lakh… (under ITR-U). The taxpayer may have paid additional tax or may be a new taxpayer. Around 28 crore worth of tax collection has been done under this scheme so far,” said Nitin Gupta of CBDT and added, “This is a measure for taxpayers to come forward and pay tax instead of facing the result of penalty or other legal action under revenue. tax law.”

Taxpayers filing ITR-U forms, which can be filed within 2 years of the end of the relevant assessment year, must provide reasons for revising the income – previously unfiled returns or income -income not properly reported or wrongly chosen income head or reduction. the losses carried forward.

“Taxpayers have started using this facility and around 1 lakh ITR-Us have been filed so far. 28 crore in tax through revised returns,” said Archit Gupta of Clear.

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