Income Tax: Now a taxpayer will be allowed to update his Income Tax Return (ITR) only once in an assessment year. Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra gave this information.
Income Tax: If you file Income Tax Return (ITR), then this news is for you only. Recently a new update has come regarding ITR filing. Now a taxpayer will be allowed to update his Income Tax Return (ITR) only once in an assessment year. Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra gave this information on Wednesday.
CBDT chairman gave information
According to the information, in a program organized by the Confederation of Indian Industry (CII), Mohapatra said that the purpose of this provision is to give an opportunity to those people who have not been able to do so due to any valid reason in ITR filing. Mohapatra said that such taxpayers will be able to file the updated return only once in an assessment year.
Permission to update ITR in the budget in two years
In Budget 2022-23, taxpayers have been allowed to ‘update’ ITR within two years of filing the same, which has made some mistake or omitted any particulars in the return. Taxpayers will be able to update ITR by paying tax. If the updated ITR is filed within 12 months, an extra 25% will have to be paid on the outstanding tax and interest.
Pay more for updating after 12 months
If the updated ITR (Income tax return update news) is filed after 12 months, then the payment on tax and interest will increase to 50 percent. But it has to be filed within 24 months of the relevant assessment year. However, for any assessment year, if prosecution proceedings have been initiated by issuing notices, the taxpayer will not get the benefit of this facility.
