Income Tax Return: For the financial year 2020-21 so far, 1 lakh people have filled the ITR-U (updated) form, due to which the government has earned crores.
Income Tax Return: The date for filing income tax return for the financial year 2022-23 is over a long time ago, but now some taxpayers are filing Income Tax Return (ITR) with penalty. At the same time, more than 1 lakh people have filled the ITR-U form so far, due to which the central government has earned an additional Rs 28 crore. This is the new ITR form, which is called ITR-Updated. Taxpayers who feel the need to make some changes in their ITR, they fill the ITR-U form (ITR-Updated). Lakhs of taxpayers have filed ITR-U in this financial year, due to which the government has earned a lot of money. Let us tell you that this ITR-U form was announced in the budget this year.
CBDT does not take any action
If there is any discrepancy in the ITR of a taxpayer and the taxpayer has rectified that error by filling the ITR-U form, then CBDT i.e. Central Board of Direct Taxes does not take any action against the taxpayers. Taxpayers are being given the facility to fill ITR-U form for the financial years 2019-20 and 2020-21 and its assessment years are 2020-21 and 2021-22.
Why ITR-U Form is needed
Please note that the ITR-U form should be filled within 2 years of the assessment year. Through this form, the income in ITR is updated and the department has to explain why you are filing ITR-U.
Those who play lotteries, betting can also get the facility
CBDT says that the rule of filling ITR-U form can be applied to online games, lotteries and betting earnings. Such a provision can be brought that such people also fill this ITR-U form. The department says that if there is any action under the law, fine or legal action is taken against such people, it is better to fulfill your legal responsibility by filling the ITR-U form.
So far refund issued
According to the data released by CBDT, refunds worth Rs 93 thousand crore have been issued so far. Whereas in the same period last year, a refund of Rs 52 thousand crore was given. This year there has been an increase of 78 percent in refunds as compared to last year.
