Indore (Madhya Pradesh)
Individual income taxpayers who had failed to file their returns during the last two years can do so now, going by the new tax return format, and this provision comes as a major relief to taxpayers said senior chartered accountant, Deepak Maheshwari, while addressing a seminar organised by Tax Practitioners Association.
The seminar was organised to explain the new income tax return forms.
Maheshwari said that in the Union budget 2022, the finance minister had announced that taxpayers who had failed to file their returns in the previous two years would be given one more chance this year to file their returns by paying some additional tax.
As per the announcement of the budget, the income tax department has issued a new return form this year called ‘Updated Return’ to file the income tax return of the last 2 years.
By availing of this facility, the taxpayer will be able to protect himself from heavy penalties and prosecution.
As per the provision, 25% of normal tax and interest will be charged for filing updated return from April 1, 2022 to March 31, 2023. For filing updated return from April 1, 2023 to March 31, 2024, tax will be up to 50% of normal tax and interest will be levied.
Maheshwari said that it is the intention of the government that the department should get all the information regarding the financial behaviour of the taxpayer through the return, so many new attachments, appendices and information have been added to the income tax return
form. The I-T department will be able to match the information available on its portal with the information provided by the taxpayer and can take action if any irregularity is found in this regard.
