Income Tax Return submitting huge replace! Taxpayers can replace ITRs solely as soon as in an evaluation yr, says CBDT Chairman | Personal Finance News

New Delhi: A taxpayer could be permitted to file just one up to date return for an evaluation yr, a authorities official mentioned on Wednesday.

Speaking at a CII occasion, CBDT Chairman JB Mohapatra mentioned the intent of this provision is to assist individuals who have genuinely missed out on submitting his/her returns.

Such taxpayers “can file only one updated return for one assessment year”, Mohapatra mentioned.

To appropriate any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to replace their ITRs inside two years of submitting, topic to cost of taxes.

An further 25 per cent on the due tax and curiosity must be paid if the up to date ITR is filed inside 12 months, whereas the speed will go as much as 50 per cent whether it is filed after 12 months, however earlier than 24 months from finish of related Assessment Year.

However, if a prosecution continuing can’t be initiated by issuing discover for a specific Assessment Year, taxpayers avail up to date return profit in that specific yr.

Also, if a taxpayer information an up to date return and don’t pay the extra taxes then the return could be tendered invalid.

Currently, if the IT Department finds out that some earnings has been missed out by the assessee, it goes via a prolonged means of adjudication, and the brand new proposal would repose belief within the taxpayer.

“To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year,” Finance Minister Nirmala Sitharaman had mentioned in her 2022-23 Budget speech.

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