A government official said on Wednesday that taxpayers would be allowed to file only one update per assessment year. In his remarks at CII, CBDT Chairman J B Mohapatra stated that the intent of this provision is to assist people who have legitimately missed their filing deadline.
Can file only one updated return per assessment year
Upon payment of taxes, taxpayers may update ITRs within two years in the Budget 2022-2023 in order to correct discrepancies or omissions, according to MSN. Earlier ITRs that are filed within 12 months will be charged 25 percent additional tax and interest, while older ITRs that are filed in the next 24 months will be charged 50 percent additional tax and interest.
It also reported that a prosecution process, on the other hand, is launched by issuing a notice for a specific Assessment Year, in which case taxpayers are unable to take advantage of the revised return benefit in that particular year. A taxpayer who files an updated tax return but does not pay the additional taxes will have their return declared invalid by the ITD.
Nirmala Sitharaman, Finance Minister of ITD, said that for the purpose of providing taxpayers with an opportunity to fix such mistakes, he is proposing a new provision that would allow them to file an updated return upon payment of additional tax. This amended return must be filed within two years of the end of the relevant assessment year. It is not required to be filed every year.
ITD issues refunds of Rs 1.67 lakh crore to taxpayers
Taxpayers have received refunds worth more than Rs 1.67 lakh crore from the Income Tax Department this fiscal year, the department announced on Wednesday. This includes Rs 28,704,38 crore in reimbursements for the Assessment Year 2021-22, which amounted to 1.48 crore, according to Business Standard.
The report also stated that a total of Rs 59,949 crore in personal income tax refunds has been made to 1.85 crore assessees, while a total of Rs 1,07099 crore in corporate tax refunds has been issued in more than 2.28 lakh cases.