Quick Summary
The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about ₹400 crore additional tax coming in, a senior government official said on Thursday. The Finance Act of 2022 introduced a new concept of updated returns, permitting taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New form ITR-U was made available in May this year for taxpayers to update their income tax return (ITRs) wit
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
Around ₹400 crore in additional tax has been deposited by taxpayers filing updated ITRs.
Approximately 5 lakh updated ITRs have been filed to date.
The provision for updated returns was introduced by the Finance Act of 2022.
Taxpayers can file an updated ITR within two years of filing their original return, subject to tax payment.
Reasons include not filing a return previously, incorrect income reporting, wrong income heads, or reducing carried forward losses, among others.
No, a taxpayer is permitted to file only one updated return per assessment year.
CAclubindia
