Tax return facility: If you have crossed all the deadlines for filing tax returns and still haven’t filed returns, then this year budget has given you one more chance. Now you can file updated tax return up to 2 years after the year under review.
If you have not filed the tax return even after the last date of filing it, then now you do not have to worry. Measures have also been taken for this situation in the budget of 2022. With the help of the updated tax return facility, you can file your ITR with some additional taxes.
Under the new section 139(8A) of the Income Tax Act, any person who owns or belongs to someone else Income Tax Returns can be made even after 12 months of the year under review. For this, it is not necessary for him to have filled ITR before.
Understand by example
If you filed your ITR on 31st December 2021, then the year under review will end on 31st March 2022. Now according to the new rule, you will be able to file the updated return till March 31, 2024. At the same time, the updated return for the financial year 2020-21 can be filed till March 31, 2023.
New returns can also be filed
Those who did not file returns last year and are being asked to file double TDS this year can also file updated returns. Dr. Suresh Surana, Founder, RSM India has said that under the new rule, original, billed, revised or fresh return can be filed.
More people brought under the purview of tax returns
Earlier, people with a salary of more than 2.5 lakhs had to compulsorily file returns. However, now those who have deducted TDS of Rs 25,000 (Rs 50000 for senior citizens) in a year, who have kept 50 lakh or more in savings account, 1 crore or more in current account, electricity bill Rs 1 lakh Those who have given more than or spent more than Rs 2 lakh on foreign travel, they have to pay TDS.
How much will be the additional tax
If you have filed the updated return one year after the year under review, then you will have to pay an additional tax of 25 per cent on the return. After this, an additional tax of 50 per cent will have to be paid on the updated returns filed between 12-24 months. Along with this, cess and surcharge will also be applicable on base tax.
