ITR Filing: The due date for filing un-audited Income Tax Return (ITR) is over and those who have failed to file their ITR by the stipulated date need to file their return by the last date of filing ITR i.e. 31st December 2022. Is. While filing ITR this year, some taxpayers may find some financial information which should have been part of their previous ITR. For such taxpayers, the central government introduced the Income Tax Return – Updated (ITR-U), which enables a taxpayer to perform his tax responsibilities without falling into the brunt of the law. Finance Minister Nirmala Sitharaman made an announcement in this regard while presenting the Union Budget in February 2022.
Speaking on ITR-U, Aarti Rawate, Partner, Deloitte India said, “ITR-U is a tax return form in which taxpayers can file tax returns for the assessment year two years prior to the current assessment year i.e. taxpayers can file an updated Returns for AY: In 2020-21 to offer tax additional income in FY: 2022-23. Thus an update income tax return Gives an opportunity to the taxpayer to explain to the authorities if they have omitted to file tax returns in the previous year or have omitted to report certain income. If the return is filed within a year and it is increased to 50 per cent, then one has to pay an additional income tax of 25 per cent.
“You can file ITR-U for FY 2019-20 up to March 31, 2023 and so on for subsequent assessment years. Only one ITR-U can be filed for each assessment year. Government will voluntarily disclose Any income that was unaccounted and an additional 25 per cent/50 per cent of the amount of missed income is cleared after paying tax. As per reports, taxpayers have availed the facility. Have started using and around 1 lakh ITR-Us have been filed so far,” said Archit Gupta, Founder and CEO, Clear.
Speaking on ITR-U, CBDT chairman Nitin Gupta told PTI that the scheme was brought by the central government for the benefit of taxpayers so that they can perform their tax responsibilities without the hassle of law.
“We have received around 1 lakh returns… (under ITR-U). The taxpayer may have paid additional tax or they may be a new filer. Approx. Rs 28 crore tax has been collected under this scheme so far,” said Nitin Gupta of CBDT, adding, “It is for the taxpayers to come forward and collect taxes instead of facing the consequences of penalty or any other legal action under the Income Tax Act.” There is provision for payment. tax law.”
Taxpayers filing ITR-U form, which can be filed within 2 years from the end of the relevant assessment year, will have to give reasons for updating income – return not already filed or correct reporting of income Not made or wrong selection or shortfall of carry forward loss.
“Taxpayers have started using the facility and so far around 1 lakh ITR-Us have been filed. The Income Tax Department has filed approx. 28 crore in taxes through updated returns,” said Archit Gupta of Clear.
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