march is currently in its final stage. Before march 31st, you have a lot of financial tasks to finish. You can be required to pay a penalty if you don't finish this task by the end of the fiscal year. We're going to provide you with some information about this today, including how completing this task will help you avoid paying an additional 50% in taxes.
Department of Income Tax Advisory
To prevent reduced fines and further financial strain, the Income Tax Department has issued an advisory today advising taxpayers to promptly complete their amended income tax return (ITR-U) by march 31, 2025. Taxpayers can voluntarily reveal any income that was not reported or fix errors in previously filed returns by filing an updated income tax return.
4.64 lakh amended ITRs were submitted.
In a written response to the Lok Sabha, State Finance minister Pankaj Chaudhary stated that as of february 28, 4.64 lakh amended ITRs had been filed for the current assessment year (2024–25), and Rs 431.20 crore in taxes had been paid. Over 29.79 lakh ITR-Us were filed in 2023–2024, and an additional Rs 2,947 crore in taxes were paid.
Updated Return
Any taxpayer, whether an individual, company, or other entity, may file an updated return (ITR-U). social media posts from the Income Tax Department stated that submitting an ITR-U now entails 25% more tax and interest. If you file after march 31, 2025, you will be assessed 50% more tax and interest. By section 139(8A) of the Income Tax Act of 1961, kindly submit an amended income tax return. Apply by march 31, 2025, to receive a 25% tax credit and a 25% interest reduction.
What is an updated return?
A taxpayer has the option to file an amended ITR to fix any errors or information they may have overlooked when filing their return.
Department of Income Tax Advisory
To prevent reduced fines and further financial strain, the Income Tax Department has issued an advisory today advising taxpayers to promptly complete their amended income tax return (ITR-U) by march 31, 2025. Taxpayers can voluntarily reveal any income that was not reported or fix errors in previously filed returns by filing an updated income tax return.
4.64 lakh amended ITRs were submitted.
In a written response to the Lok Sabha, State Finance minister Pankaj Chaudhary stated that as of february 28, 4.64 lakh amended ITRs had been filed for the current assessment year (2024–25), and Rs 431.20 crore in taxes had been paid. Over 29.79 lakh ITR-Us were filed in 2023–2024, and an additional Rs 2,947 crore in taxes were paid.
Updated Return
Any taxpayer, whether an individual, company, or other entity, may file an updated return (ITR-U). social media posts from the Income Tax Department stated that submitting an ITR-U now entails 25% more tax and interest. If you file after march 31, 2025, you will be assessed 50% more tax and interest. By section 139(8A) of the Income Tax Act of 1961, kindly submit an amended income tax return. Apply by march 31, 2025, to receive a 25% tax credit and a 25% interest reduction.
What is an updated return?
A taxpayer has the option to file an amended ITR to fix any errors or information they may have overlooked when filing their return.
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