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“Missed filing Income Tax Returns for the last 2 years? Discover the IT-R U form introduced in Budget 2022 for updating returns.”

Missed filing your Income Tax Return for last 2 years, Here is your chance to file your Income Tax Return.

In the Union Budget 2022, the government introduced ๐ˆ๐“๐‘ ๐” form for updating income tax returns.

Form is for those who have not filed their ITR or made an error while filing their returns.

Any taxpayer can furnish an updated return whether he has furnished/not furnished an original return, revised return, or belated return in case of any omission, error, or wrong statement in his earlier return of income.

๐€๐ง ๐”๐ฉ๐๐š๐ญ๐ž๐ ๐‘๐ž๐ญ๐ฎ๐ซ๐ง ๐œ๐š๐ง ๐›๐ž ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐Ÿ:

โ†’ย Wrong rate of tax

โ†’ย Return previously not filed

โ†’ย Income not reported correctly

โ†’ย Wrong heads of income chosen

โ†’ย Reduction of carried forward loss

โ†’ย Reduction of unabsorbed depreciation

โ†’ย Reduction of tax credit u/s 115JB/115JC

The time limit for filing an updated return is ๐Ÿ๐Ÿ’ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ from the end of the relevant assessment year.

So for ๐€๐˜ ๐Ÿ๐Ÿ-๐Ÿ๐Ÿ, due date to file the updated return will be ๐Ÿ‘๐Ÿ๐ฌ๐ญ ๐Œ๐š๐ซ๐œ๐ก ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ’ and similarly for ๐€๐˜ ๐Ÿ๐Ÿ-๐Ÿ๐Ÿ‘ will be ๐Ÿ‘๐Ÿ๐ฌ๐ญ ๐Œ๐š๐ซ๐œ๐ก ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ“.

If updated return is filed within ๐Ÿ๐Ÿ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ from the end of the AY, one needs to pay an additional income tax of ๐Ÿ๐Ÿ“% and If filed after ๐Ÿ๐Ÿ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ ๐š๐ง๐ ๐›๐ž๐Ÿ๐จ๐ซ๐ž ๐Ÿ๐Ÿ’ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ, then the additional income tax will be ๐Ÿ“๐ŸŽ%, apart from normal applicable tax and interest.

๐€๐ง ๐”๐ฉ๐๐š๐ญ๐ž๐ ๐‘๐ž๐ญ๐ฎ๐ซ๐ง ๐œ๐š๐ง๐ง๐จ๐ญ ๐›๐ž ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐Ÿ:

  • There is an increase of refund amount
  • If an updated return is the return of loss
  • There is a reduction in tax Liability in the return filed earlier
  • Search has been initiated u/s 132
  • If survey has been conducted u/s 133A
  • Books of Accounts or documents are requisitioned u/s 132A
  • If any proceeding of assessment, reassessment, re-computation or revision is pending or completed for that relevant year

Don’t miss out on your chance to get your taxes in order!

File your overdue ITRs, report accurate income, and fix any mistakes to avoid penalties and stay in good standing with the tax authorities.

#taxesย #incometaxreturnsย #taxย #finance

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