HomeBusinessSo far, tax of about Rs 400 crore has been deposited on...

So far, tax of about Rs 400 crore has been deposited on filing the updated ITR.

Symbolic picture only.

Symbolic picture only. , Photo credit: Getty Images/iStockphoto

A senior government official said on November 24 that the recently introduced provision to allow taxpayers to update their tax returns has seen five lakh re-filings with nearly Rs 400 crore additional tax due.

The Finance Act of 2022 introduced a new concept of updated return, which allowed taxpayers to update their ITR within two years of filing, subject to payment of taxes.

The new form ITR-U was made available in May this year for taxpayers to update their Income Tax Return (ITR) with any income or earnings that have been filed in the original filing for the financial years beginning 2019-20. (Assessment Year 2020- 21).

He said, “So far about five lakh updated ITRs have been filed and tax of about Rs 400 crore has been paid.” The official said compliance has improved significantly and even corporates are filing updated income tax returns.

He said, “The data shows that one company has filed an updated return and the amount paid is Rs 1 crore. This shows that voluntary compliance is happening now and people want to pay tax and stay clean.” want.”

Taxpayers filling this form, which can be filed within two years from the end of the relevant assessment year, have to give reasons for updating income – return was not filed earlier or income was not reported correctly wrong head of income has been selected or deducted. Further loss.

The reasons given in the form also include reduction in unabsorbed depreciation or reduction in tax credit under section 115JB/115JC or incorrect rate of tax or other reasons given by the taxpayers.

Budget 2022-23 has allowed taxpayers to update their ITRs within two years of filing, subject to payment of taxes, a move aimed at helping rectify any discrepancy or omission.

A taxpayer will be allowed to file only one update return per assessment year. The government expects collections from direct taxes (personal and corporate tax) to exceed the budget estimate of ₹14.20 lakh crore by about ₹3.30 lakh crore.

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